Cabela's 2014 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 28, 2013:
Series
Expected
Maturity
Date
Fixed Rate
Obligations
Interest
Rate
Var iable Rate
Obligations
Interest
Rate
Tot al
Obligations
Interest
Rate
Series 2010-I January 2015 $ - -% $ 255,000 1.62% $ 255,000 1.62%
Series 2010-II September 2015 127,500 2.29 85,000 0.87 212,500 1.72
Series 2011-II June 2016 155,000 2.39 100,000 0.77 255,000 1.75
Series 2011-IV October 2016 165,000 1.90 90,000 0.72 255,000 1.48
Series 2012-I February 2017 275,000 1.63 150,000 0.70 425,000 1.30
Series 2012-II June 2017 300,000 1.45 125,000 0.65 425,000 1.21
Series 2013-I February 2023 327,250 2.71 - - 327,250 2.71
Series 2013-II August 2018 100,000 2.17 197,500 0.82 297,500 1.27
Secured long-term
obligations of the Trust $ 1,449,750 $ 1,002,500 $ 2,452,250
The Trust sold asset-backed notes of $300,000 (Series 2014-I) and $400,000 (Series 2014-II) on March 25,
2014, and July 16, 2014, respectively. The Series 2014-I securitization transaction included the issuance of $255,000
Class A notes, which accrue interest at a floating rate equal to the one-month London Interbank Offered Rate
(“LIBOR”) plus 0.35% per year, and three subordinated classes of notes in the aggregate principal amount of
$45,000. The Series 2014-II securitization transaction included the issuance of $340,000 Class A notes, which
accrue interest at a floating rate equal to the one-month LIBOR plus 0.45% per year, and three subordinated
classes of notes in the aggregate principal amount of $60,000. 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 2014-I securitization transaction has an expected life of approximately
three years and a contractual maturity of approximately six years. Each class of notes issued in the Series 2014-
II securitization transaction has an expected life of approximately five years and a contractual maturity of
approximately eight years. These securitization transactions will be used to fund the growth in restricted credit
card loans, maturities of time deposits, and future obligations of the Trust.
The Trust also issues variable funding facilities which are considered secured obligations backed by restricted
credit card loans. The Trust renewed one of its variable funding facilities on March 27, 2014, for an additional
three years and increased the commitment from $350,000 to $500,000. At December 27, 2014, the Trust had three
variable funding facilities with $1,025,000 in total capacity and $480,000 outstanding which was classified as
current maturities of secured variable funding obligations of the Trust on the consolidated balance sheet since the
Company intends to repay this obligation in full within the next 12 months. The variable funding facilities are
scheduled to mature in March of 2015, 2016, and 2017. 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, LIBOR,
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 2014 and 2013, the
daily average balance outstanding on these notes was $29,603 and $26,328, with a weighted average interest rate of
0.76% and 0.77%, 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 27, 2014, or December 28, 2013. During 2014, there was no daily average balance outstanding. During
2013, the daily average balance outstanding was $228, with a weighted average rate of 0.75%.