Cabela’s, one of the world’s largest marketers of outdoor merchandise, plans to issue a new series of $400 million of notes under its Cabela’s Credit Card Master Note Trust, according to a regulatory filing.

The 2014-II series is ultimately backed by a pool of receivables that arise under World’s Foremost Bank’s Visa accounts. 

Standard and Poor’s assigned preliminary ratings to the four tranches of notes to be issued. The $340 million, floating-rate class A notes received ‘AAA’ status, while the $32 million, fixed-rate class B notes were provisionally rated ‘A.’  The $17 million class C notes received ‘BBB’ preliminary ratings, and the $11 million class D notes were not rated.

The 2014-II class A notes mature in July 2022.

The underwriters for the class A notes are Wells Fargo Securities, Bank of America Merrill Lynch, and RBC Capital Markets.

Cabela’s Credit Card Master Note Trust’s previous issuance, Series 2014-I, consisted of four tranches of notes as well, totaling $300 million.  It was completed in March and the class A notes were offered at one-month Libor plus 35 basis points.

Cabela’s Credit Card Master Note Trust is a common law trust formed by the U.S. Bank National Association in 2001 under a pooling and servicing agreement.  As of March 31, the receivables in the master trust totaled $3.75 billion.  Of these receivables, 92.9% had a FICO score higher than 660.

Founded in 1961, Cabela’s is headquartered in Sidney, Nebraska.  It is is one of the leading retailors of hunting, fishing, camping, and recreational outdoor gear.  The company generates sales through catalogs mailed worldwide, a website, and retail stores throughout the U.S. and Canada.

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