Cabela's 2011 Annual Report Download - page 97

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87
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
12. BORROWINGS OF FINANCIAL SERVICES SUBSIDIARY
The obligations of the Trust are secured borrowings backed by credit card loans. The following table
presents, as of December 31, 2011, and January 1, 2011, a summary of the secured fixed and variable rate long-term
obligations of the Trust, the expected maturity dates, and the respective weighted average interest rates.
At December 31, 2011:
Series
Expected
Maturity
Date
Fixed Rate
Obligations
Interest
Rate
Variable Rate
Obligations
Interest
Rate
Total
Obligations
Interest
Rate
Series 2009-I March 2012 $ - -% $ 425,000 2.28% $ 425,000 2.28%
Series 2010-I January 2015 - - 255,000 1.73 255,000 1.73
Series 2010-II September 2015 127,500 2.29 85,000 0.98 212,500 1.77
Series 2011-II June 2016 155,000 2.39 100,000 0.88 255,000 1.80
Series 2011-IV October 2016 165,000 1.90 90,000 0.83 255,000 1.52
Total secured obligations 447,500 955,000 1,402,500
Less: current maturities - (425,000) (425,000)
Secured long-term
obligations of the Trust,
less current maturities $ 447,500 $ 530,000 $ 977,500
At January 1, 2011:
Series
Expected
Maturity
Date
Fixed Rate
Obligations
Interest
Rate
Variable Rate
Obligations
Interest
Rate
Total
Obligations
Interest
Rate
Series 2006-III October 2011 $ 250,000 5.26% $ 250,000 0.44% $ 500,000 2.85%
Series 2008-IV September 2011 122,500 7.29 75,900 4.49 198,400 6.22
Series 2009-I March 2012 - - 425,000 2.26 425,000 2.26
Series 2010-I January 2015 - - 255,000 1.71 255,000 1.71
Series 2010-II September 2015 127,500 2.29 85,000 0.96 212,500 1.76
Total secured obligations 500,000 1,090,900 1,590,900
Less: current maturities (372,500) (325,900) (698,400)
Secured long-term
obligations of the Trust,
less current maturities $ 127,500 $ 765,000 $ 892,500
The Trust also issues variable funding facilities which are considered secured borrowings backed by
credit card loans. The Trust entered into two new variable funding facilities, each with a financial institution for
three years, in the amounts of $300,000 and $350,000 on March 29, 2011, and September 15, 2011, respectively.
At December 31, 2011, the Trust had three variable funding facilities with $875,000 in available capacity and
$460,000 outstanding. Two of the three variable funding facilities are scheduled to mature in March 2014, and one
is scheduled to mature in September 2014. Each of these variable funding facilities includes an option to renew.
Variable rate note interest is priced at a benchmark rate, London Interbank Offered Rate, or commercial paper rate,
plus a spread, which ranges from 0.50% to 0.85%. The variable rate notes provide for a fee ranging from 0.25% to
0.40% on the unused portion of the facilities. During the year ended December 31, 2011, and January 1, 2011, the
daily average balance outstanding on these notes was $91,789 and $29,764, with a weighted average interest rate of
0.80% and 0.99%, respectively.