Cabela's 2014 Annual Report Download - page 72

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62
pool of loans to the Trust which are restricted for the repayment of the investors’ principal note. The investors have
no recourse to the Financial Services segment’s other assets for failure of debtors to pay other than for breaches of
certain customary representations, warranties, and covenants. These representations, warranties, covenants, and
the related indemnities do not protect the Trust or third party investors against credit-related losses on the loans.
The total amounts and maturities for our credit card securitizations as of December 27, 2014, were as follows:
Series Type
Tot al
Available
Capacity
Third Party
Investor
Available
Capacity
Third Party
Investor
Outstanding
Interest
Rate
Expected
Maturity
(Dollars in Thousands)
Series 2010-I* Term $ 45,000 $ - $ - Fixed January 2015
Series 2010-I* Term 255,000 255,000 255,000 Floating January 2015
Series 2010-II Term 165,000 127,500 127,500 Fixed September 2015
Series 2010-II Term 85,000 85,000 85,000 Floating September 2015
Series 2011-II Term 200,000 155,000 155,000 Fixed June 2016
Series 2011-II Term 100,000 100,000 100,000 Floating June 2016
Series 2011-IV Term 210,000 165,000 165,000 Fixed October 2016
Series 2011-IV Term 90,000 90,000 90,000 Floating October 2016
Series 2012-I Term 350,000 275,000 275,000 Fixed February 2017
Series 2012-I Term 150,000 150,000 150,000 Floating February 2017
Series 2012-II Term 375,000 300,000 300,000 Fixed June 2017
Series 2012-II Term 125,000 125,000 125,000 Floating June 2017
Series 2013-I Term 385,000 327,250 327,250 Fixed February 2023
Series 2013-II Term 152,500 100,000 100,000 Fixed August 2018
Series 2013-II Term 197,500 197,500 197,500 Floating August 2018
Series 2014-I Term 45,000 - - Fixed March 2017
Series 2014-I Term 255,000 255,000 255,000 Floating March 2017
Series 2014-II Term 60,000 - - Fixed July 2019
Series 2014-II Term 340,000 340,000 340,000 Floating July 2019
Total term 3,585,000 3,047,250 3,047,250
Series 2008-III Variable Funding 260,115 225,000 - Floating March 2015
Series 2011-I Variable Funding 352,941 300,000 115,000 Floating March 2016
Series 2011-III Variable Funding 588,235 500,000 365,000 Floating March 2017
Total variable 1,201,291 1,025,000 480,000
Total available $ 4,786,291 $ 4,072,250 $ 3,527,250
* The Series 2010-I notes were repaid in full on January 15, 2015.
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. In
2015, the Financial Services segment intends to issue additional certificates of deposit and term securitizations.
We believe that these liquidity sources are sufficient to fund the Financial Services segment’s foreseeable
cash requirements, including maturities, and near-term growth plans. Our restricted cash of the Trust totaled
$335 million at December 27, 2014, as we repaid $255 million of Series 2010-I notes in full on January 15, 2015.