Cabela's 2009 Annual Report Download - page 69

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60
The total amounts and maturities for our credit card securitizations as of January 2, 2010, were as follows:
Series Type
Total
Available
Capacity
Third Party
Investor
Available
Capacity
Third Party
Investor
Outstanding Interest Rate Expected
Maturity
(Dollars in Thousands)
Series 2005-I Term $140,000 $140,000 $140,000 Fixed October 2010
Series 2005-I Term 110,000 109,500 109,500 Floating October 2010
Series 2006-III Term 250,000 250,000 250,000 Fixed October 2011
Series 2006-III Term 250,000 250,000 250,000 Floating October 2011
Series 2008-I Term 461,500 461,500 461,500 Fixed (1) December 2010
Series 2008-I Term 38,500 38,500 38,500 Floating December 2010
Series 2008-IV Term 122,500 122,500 122,500 Fixed September 2011
Series 2008-IV Term 77,500 75,900 75,900 Floating September 2011
Series 2009-I Term 75,000 - - Fixed March 2012
Series 2009-I Term 425,000 425,000 425,000 Floating March 2012
Total term 1,950,000 1,872,900 1,872,900
Series 2006-I Variable Funding 411,765 350,000 310,000 Floating September 2010
Series 2008-III Variable Funding 260,115 225,000 90,000 Floating June 2010
Total variable 671,880 575,000 400,000
Total available $ 2,621,880 $2,447,900 $2,272,900
(1) The Trust entered into an interest rate swap agreement to convert the floating rate notes with a notional amount
of $229.85 million into a fixed rate obligation.
We have been, and will continue to be, particularly reliant on funding from securitization transactions for WFB.
A failure to renew existing facilities or to add additional capacity on favorable terms as it becomes necessary could
increase our financing costs and potentially limit our ability to grow the business of WFB. Unfavorable conditions
in the asset-backed securities markets generally, including the unavailability of commercial bank liquidity support or
credit enhancements, could have a similar effect. During 2008, WFB completed securitizations totaling $1.2 billion
and renewed a $376 million variable funding facility. On April 14, 2009, a securitization transaction for $500 million
was completed under the TALF program established by the FRBNY. This securitization transaction refinanced
asset-backed notes that matured in 2009. On June 5, 2009, the Trust renewed and increased a $214 million variable
funding facility to a $260 million variable funding facility that will mature on June 4, 2010. On September 15, 2009,
the Trust renewed and increased a $376 million variable funding facility to a $412 million variable funding facility
that will mature on September 14, 2010. WFB completed an additional securitization transaction for $300 million on
February 12, 2010, under the TALF program. In addition to this securitization, in 2010 WFB intends to renew its two
variable funding facilities, issue additional certificates of deposits, and receive a capital contribution from Cabela’s.
We believe that these liquidity sources are sufficient to fund WFB’s foreseeable cash requirements and near-term
growth plans.
Furthermore, WFB’s securitized credit card loans could experience poor performance, including increased
delinquencies and credit losses, lower payment rates, or a decrease in excess spreads below certain thresholds. This
could result in a downgrade or withdrawal of the ratings on the outstanding securities issued in WFB’s securitization
transactions, cause “early amortization” or “early redemption” of these securities, or result in higher required credit
enhancement levels.