Cabela’s plans a $300 million securitization of private-label, credit card receivables.
The deal, Series 2014-1 is the first to issued this year under the issuer’s credit card master note trust. It will sell $255 million of class A notes in the public market. Fitch Ratings expects to assign the notes a AAA’ rating.
The class B, A’-rated notes; class C, BBB’-rated notes; and class D, BB’-rated notes will be retained by the issuer. The presale report did not indicate which bank is managing the deal.
According to Interactive Data, the class A notes are being talked between 37 to 38 basis points over one month Libor.
The trust’s primary asset is the series 2004-1 certificates which are backed by credit card receivables originating in VISA-branded accounts, underwritten and serviced by World’s Foremost Bank (WFB), a wholly owned subsidiary of Cabela’s, according to the presale report.
Including this latest issue, Cabela’s credit card trust has 12 series outstanding, with principal receivables totaling approximately $3.96 billion as of Dec. 31, 2013.