Cabela’s, the hunting, fishing, camping and related outdoor merchandise retailer, plans to sell $375 million of securities backed by credit card receivables from its Credit Card Master Note Trust, according to rating agency pre-sales. 

The series 2015-1 notes will sell approximately $319 million of ‘AAA’ rated class A notes, over two tranches, one fixed and one floating rate.

Also structured are $30 million of ‘A’ rated class B notes, $16 million of ‘BBB’ rated class C notes and $10.3 million of ‘BB’ rated class D notes. These classes are expected to be retained by the issuer. DBRS and Fitch Ratings assigned preliminary ratings on the deal. The notes mature on March 2023.  

The originator, sponsoring bank and servicer is World’s Foremost Bank (WFB), a Nebraska-based banking corporation which is wholly owned by Cabela’s.

WFB funds and services the credit card receivables. As of December 31, 2014, WFB has sold approximately 93% of its credit card portfolio via the securitization market. The managed portfolio is approximately $4.44 billion as of December 2014.

With the series 2015-1 notes, there are a total of 13 series outstanding in the master note trust. Accounts included in the trust have an average balance of $1500 and an average credit limit of $11,698.

The Bank offers a Cabela’s Classic VISA credit card, a Cabela’s Silver VISA credit card and a Cabela’s Black VISA credit card. The Cabela’s Black VISA credit card (formerly known as the VISA Signature Black credit card) was launched in January 2009 and the Cabela’s Silver VISA credit card (formerly known as the VISA Signature credit card) was launched in May 2009.

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