Cabela's 2013 Annual Report Download - page 71

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The total amounts and maturities for our credit card securitizations as of December 28, 2013, 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 2010-I Ter m $ 45,000 $ - $ - Fixed January 2015
Series 2010-I Ter m 255,000 255,000 255,000 Floating January 2015
Series 2010-II Te r m 165,000 127,500 127,500 Fixed September 2015
Series 2010-II Te r m 85,000 85,000 85,000 Floating September 2015
Series 2011-II Te r m 200,000 155,000 155,000 Fixed June 2016
Series 2011-II Te r m 100,000 100,000 100,000 Floating June 2016
Series 2011-IV Ter m 210,000 165,000 165,000 Fixed October 2016
Series 2011-IV Ter m 90,000 90,000 90,000 Floating October 2016
Series 2012-I Te r m 350,000 275,000 275,000 Fixed February 2017
Series 2012-I Te r m 150,000 150,000 150,000 Floating Februar y 2017
Series 2012-II Te r m 375,000 300,000 300,000 Fixed June 2017
Series 2012-II Te r m 125,000 125,000 125,000 Floating June 2017
Series 2013-I Ter m 385,000 327,250 327,250 Fixed February 2023
Series 2013-II Te r m 152,500 100,000 100,000 Fixed August 2018
Series 2013-II Te r m 197,500 197,500 197,500 Floating August 2018
Total t er m 2,885,000 2,452,250 2,452,250
Series 2008-III Variable Funding 260,115 225,000 - Floating March 2015
Series 2011-I Variable Funding 352,941 300,000 - Floating March 2016
Series 2011-III Variable Funding 411,765 350,000 50,000 Floating September 2014
Total variable 1,024,821 875,000 50,000
Total available $ 3,909,821 $ 3,327,250 $ 2,502,250
We have been, and will continue to be, particularly reliant on funding from securitization transactions for the
Financial Services segment. 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
the Financial Services segment. 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
2013, the Financial Services segment issued $395 million in certificates of deposit, early renewed its $300 million
variable funding facility and extended the commitment for an additional two years, and completed term
securitizations of $385 million and $350 million that will mature in February 2023 and August 2018, respectively.
In 2014, the Financial Services segment intends to issue additional certificates of deposit, early renew and
potentially increase its $350 million variable funding facility, and issue additional term securitizations. We believe
that these liquidity sources are sufficient to fund the Financial Services segment’s foreseeable cash requirements
and near-term growth plans.
Furthermore, the securitized credit card loans of the Financial Services segment 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 the Financial Services segment’s securitization transactions, cause early amortization of
these securities, or result in higher required credit enhancement levels. Credit card loans performed within
established guidelines and no events which could trigger an “early amortization” occurred during the years ended
December 28, 2013, and December 29, 2012.