Cabela’s Inc. Announces the Closing of $350 Million Securitization

  Cabela’s Inc. Announces the Closing of $350 Million Securitization

Business Wire

SIDNEY, Neb. -- August 19, 2013

Cabela’s Incorporated (NYSE: CAB) announced today that Cabela’s Credit Card
Master Note Trust successfully completed the sale of $350 million of
Asset-Backed Notes, Series 2013-II. The securitization transaction included
the issuance of $100 million of Class A-1 Notes, which accrue interest at a
fixed rate of 2.17% per year, and $197.5 million of Class A-2 Notes, which
accrue interest at a floating rate equal to one-month LIBOR plus 0.65% per
year.

The securitization transaction also included the issuance of three
subordinated classes of notes in the aggregate principal amount of $52.5
million. World's Foremost Bank, Cabela’s wholly owned subsidiary, purchased
each of the subordinated classes of notes. Each class of notes issued in the
securitization transaction has an expected life of approximately five years,
with a legal maturity of approximately eight years. This securitization
transaction will help finance the growth of World’s Foremost Bank’s credit
card portfolio.

“We are excited to announce the completion of our second term securitization
during 2013, and we are very pleased with both the pricing and execution of
this transaction,” said Tommy Millner, Cabela’s Chief Executive Officer. “Even
with the recent volatility in interest rates, there was strong investor demand
for the transaction, and we were able to upsize by $50 million. This
transaction offers a good mix of fixed and floating rate funding. The
execution of this transaction demonstrates the continued quality and strength
of the Cabela’s CLUB® Visa portfolio.”

This press release does not constitute an offer to sell or the solicitation of
an offer to buy the notes and shall not constitute an offer, solicitation or
sale in any jurisdiction in which such offer, solicitation or sale is
unlawful. The notes have not been registered under the Securities Act of 1933
or any state securities laws and may not be offered or sold in the United
States absent registration or an applicable exemption from the registration
requirements of the Securities Act and any applicable state securities laws.

                         About Cabela’s Incorporated

Cabela's Incorporated, headquartered in Sidney, Nebraska, is a leading
specialty retailer, and the world's largest direct marketer, of hunting,
fishing, camping and related outdoor merchandise. Since the Company's founding
in 1961, Cabela's® has grown to become one of the most well-known outdoor
recreation brands in the world, and has long been recognized as the World's
Foremost Outfitter®. Through Cabela's growing number of retail stores and its
well-established direct business, it offers a wide and distinctive selection
of high-quality outdoor products at competitive prices while providing
superior customer service. Cabela's also issues the Cabela's CLUB® Visa credit
card, which serves as its primary customer loyalty rewards program. Cabela's
stock is traded on the New York Stock Exchange under the symbol "CAB".

Contact:

Cabela’s Incorporated
Chris Gay, 308-255-2905 (Investors)
Joe Arterburn, 308-255-1204 (Media)