Sporting goods retailer Cabela’s is marketing another $400 million of notes from its Credit Card Master Note Trust, according to Fitch Ratings.

The Series 2015-II consists of five tranches; the senior, class A notes will be split into three tranches, one fixed-rate and one floating-rate, totaling $340 million. Both tranches have a preliminary ‘AAA’ rating from Fitch and benefit from credit enhancement of 15%, plus a cash collateral account.

There is also a $32 million tranche of class B notes with a preliminary ‘A’ rating; a $17 million tranche of ‘BBB’ rated class C notes and an $11 million tranche of ‘BB’ rated class D notes.

All of the notes have a legal final maturity of July 2023.

The trust’s assets are credit card receivables originating in VISA-branded accounts, underwritten and serviced by World’s Foremost Bank, a wholly owned subsidiary of Cabela’s. The trust compares favorably with the Fitch Prime Credit Card Index on all fronts: it has a higher yield, lower delinquencies, lower chargeoffs and a faster monthly payment rate.

With the issuance of series 2015-II, there will be 14 series outstanding in the master note trust, with principal receivables totaling approximately $4.21 billion as of March 31, 2015.

During the same period, the accounts designated for the trust portfolio had an average principal receivables balance of $1,415 and an average credit limit of $11,528. The utilization rate for all accounts was 12.36%. As of the same period, the average seasoning of the accounts in the trust was approximately 87 months.

Cabela’s was last in the securitization market in March with a $375 million deal. The fixed-rate senior tranche of that deal pays 2.26% and the floating-rate senior tranche pays LIBOR plus 54 basis points

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