Cabela's 2013 Annual Report Download - page 98

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CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
December 29, 2012:
Series
Expected
Maturity
Date Fixed Rate Obligations Interest Rate Variable Rate Obligations Interest Rate Total Obligations Interest Rate
Series 2010-I January 2015 $ - -% $ 255,000 1.66% $ 255,000 1.66%
Series 2010-II September 2015 127,500 2.29 85,000 0.91 212,500 1.74
Series 2011-II June 2016 155,000 2.39 100,000 0.81 255,000 1.77
Series 2011-IV October 2016 165,000 1.90 90,000 0.76 255,000 1.50
Series 2012-I Febr ua r y 2017 275,000 1.63 150,000 0.74 425,000 1.32
Series 2012-II June 2017 300,000 1.45 125,000 0.69 425,000 1.23
Secured long-term
obligations of the Trust $ 1,022,500 $ 805,000 $ 1,827,500
The Trust sold asset-backed notes of $385,000 (Series 2013-I) and $350,000 (Series 2013-II) on March 7, 2013,
and August 15, 2013, respectively. The Series 2013-I securitization transaction included the issuance of $327,250 of
Class A notes and three subordinated classes of notes in the aggregate principal amount of $57,750. The Series 2013-II
securitization transaction included the issuance of $297,500 of Class A notes and three subordinated classes of notes
in the aggregate principal amount of $52,500. The Financial Services segment retained each of the subordinated
classes of notes which were eliminated in the preparation of our consolidated financial statements. Each class of notes
issued in the Series 2013-I securitization transaction has an expected life of approximately ten years and a contractual
maturity of approximately thirteen years. Each class of notes issued in the Series 2013-II securitization transaction
has an expected life of approximately five years and a contractual maturity of approximately eight years. These
securitization transactions were used to fund the growth in restricted credit card loans.
The Trust also issues variable funding facilities which are considered secured obligations backed by restricted
credit card loans. The Trust renewed one variable funding facility in the amount of $300,000 on March 26, 2013,
extending the commitment for an additional two years. At December 28, 2013, the Trust had three variable funding
facilities with $875,000 in total capacity and $50,000 outstanding. The variable funding facilities are scheduled
to mature in September 2014, March 2015, and March 2016. Each of these variable funding facilities includes an
option to renew subject to certain terms and conditions. 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 years ended December 28, 2013, and December 29, 2012, the daily average balance outstanding on these notes
was $26,328 and $142,077, with a weighted average interest rate of 0.77% and 0.78%, respectively.
The Financial Services segment has unsecured federal funds purchase agreements with two financial
institutions. The maximum amount that can be borrowed is $85,000. There were no amounts outstanding at
December 28, 2013, or December 29, 2012. During 2013 and 2012, the daily average balance outstanding was $228
and $462, respectively, with a weighted average rate of 0.75% for both years.
12. REVOLVING CREDIT FACILITIES
The Company has a credit agreement providing for a $415,000 revolving credit facility that expires on
November 2, 2016. The unsecured $415,000 revolving credit facility permits the issuance of letters of credit up to
$100,000 and swing line loans up to $20,000. This credit facility may be increased to $500,000 subject to certain
terms and conditions.