The hunting, fishing and camping retailer Cabela plans to issue $291.75 million of asset-backed notes from its credit card master note trust, according to Standard & Poor’s.
The ratings agency has assigned preliminary ratings to the notes structured under series 2013-II. The class A-1 fixed rate notes have been rated ‘AAA’ and the A-2, floating rate notes have also been assigned ‘AAA’-ratings.
The structure will also offer investors $24 million of ‘A’-rated class B notes and $12.75 million of ‘BBB’- rated class C notes. S&P will not rate the D notes.
RBC Capital Market and Merrill Lynch, Pierce, Fenner & Smith are lead underwriters on the deal.
The note issuance is an asset-backed securities transaction backed by the series 2004-1 certificate issued by Cabela's master credit card trust. The issuer was last in the market with a private label credit card deal in March.