Cabela’s Inc. Announces Closing of $300 Million Securitization and Renewal of Variable Funding Facility with Royal Bank of

  Cabela’s Inc. Announces Closing of $300 Million Securitization and Renewal
  of Variable Funding Facility with Royal Bank of Canada

Business Wire

SIDNEY, Neb. -- March 31, 2014

Cabela’s Incorporated (NYSE:CAB) announced today that Cabela’s Credit Card
Master Note Trust successfully completed the sale of $300 million of
Asset-Backed Notes, Series 2014-I. The securitization transaction included the
issuance of $255 million of Class A Notes, which accrue interest at a floating
rate equal to one-month LIBOR plus 0.35% per year. The securitization
transaction also included the issuance of three subordinated classes of notes
in the aggregate principal amount of $45 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 three years, with a legal maturity of
approximately six years.

Cabela’s Incorporated also announced today that a variable funding facility
with Royal Bank of Canada has been renewed for an additional three years and
the commitment under the variable funding facility has increased from $350
million to $500 million. The variable funding facility relates to an
outstanding series of variable funding notes issued by Cabela’s Credit Card
Master Note Trust. The securitization transaction and the variable funding
facility will help finance the growth of World’s Foremost Bank’s credit card
portfolio.

“We are very proud to announce the completion of our first publicly offered
term securitization,” said Tommy Millner, Cabela’s Chief Executive Officer.
“Series 2014-I was well received by the market, and we are very pleased with
both the pricing and execution of the transaction. The strong investor demand
for the transaction is a testament to the Cabela’s brand and demonstrates the
continued quality and strength of the Cabela’s CLUB Visa portfolio. The
issuance of our first public transaction is a huge milestone for our
securitization program, and we are excited about the future. In addition to
the closing of the term securitization, we have renewed a variable funding
facility with Royal Bank of Canada and upsized the commitment from $350
million to $500 million to provide continued liquidity for our Cabela’s CLUB
Visa program.”

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.

                         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".

                Caution Concerning Forward-Looking Statements

Statements in this press release that are not historical or current fact are
"forward-looking statements" that are based on the Company's beliefs,
assumptions, and expectations of future events, taking into account the
information currently available to the Company. Forward-looking statements
involve risks and uncertainties that may cause the Company's actual results,
performance, or financial condition to differ materially from the expectations
of future results, performance, or financial condition that the Company
expresses or implies in any forward-looking statements. These risks and
uncertainties include, but are not limited to: the state of the economy and
the level of discretionary consumer spending, including changes in consumer
preferences, demand for firearms and ammunition, and demographic trends;
adverse changes in the capital and credit markets or the availability of
capital and credit; the Company's ability to successfully execute its
omni-channel strategy; increasing competition in the outdoor sporting goods
industry and for credit card products and reward programs; the cost of the
Company's products, including increases in fuel prices; the availability of
the Company's products due to political or financial instability in countries
where the goods the Company sells are manufactured; supply and delivery
shortages or interruptions, and other interruptions or disruptions to the
Company's systems, processes, or controls, caused by system changes or other
factors; increased or adverse government regulations, including regulations
relating to firearms and ammunition; the Company's ability to protect its
brand, intellectual property, and reputation; the Company’s ability to prevent
cybersecurity breaches and mitigate cybersecurity risks; the outcome of
litigation, administrative, and/or regulatory matters (including a
Commissioner's charge the Company received from the Chair of the U. S. Equal
Employment Opportunity Commission in January 2011, audits by tax authorities,
and compliance examinations by the Federal Deposit Insurance Corporation); the
Company's ability to manage credit, liquidity, interest rate, operational,
legal, regulatory capital, and compliance risks; the Company's ability to
increase credit card receivables while managing credit quality; the Company's
ability to securitize its credit card receivables at acceptable rates or
access the deposits market at acceptable rates; the impact of legislation,
regulation, and supervisory regulatory actions in the financial services
industry, including the Dodd-Frank Wall Street Reform and Consumer Protection
Act; and other risks, relevant factors, and uncertainties identified in the
Company's filings with the SEC (including the information set forth in the
"Risk Factors" section of the Company's Form 10-K for the fiscal year ended
December 28, 2013), which filings are available at the Company's website at
www.cabelas.com and the SEC's website at www.sec.gov. Given the risks and
uncertainties surrounding forward-looking statements, you should not place
undue reliance on these statements. The Company's forward-looking statements
speak only as of the date they are made. Other than as required by law, the
Company undertakes no obligation to update or revise forward-looking
statements, whether as a result of new information, future events, or
otherwise.

Contact:

Cabela’s Incorporated
Investor Contact:
Chris Gay, 308-255-2905
or
Media Contact:
Joe Arterburn, 308-255-1204
 
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