Cabela's 2012 Annual Report Download - page 103

93
CABELA’S INCORPORATED AND SUBSIDIARIES
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Dollars in Thousands Except Share and Per Share Amounts)
At December 31, 2011:
Series
Expected
Maturity
Date
Fixed Rate
Obligations
Interest
Rate
Var iable R ate
Obligations
Interest
Rate
Tota l
Obligations
Interest
Rate
Series 2009-I March 2012 $ - -% $ 425,000 2.28% $ 425,000 2.28%
Series 2010-I January 2015 - - 255,000 1.73 255,000 1.73
Series 2010-II September 2015 127,500 2.29 85,000 0.98 212,500 1.77
Series 2011-II June 2016 155,000 2.39 100,000 0.88 255,000 1.80
Series 2011-IV October 2016 165,000 1.90 90,000 0.83 255,000 1.52
Total secured obligations 447,500 955,000 1,402,500
Less: current maturities - (425,000) (425,000)
Secured long-term obligations
of the Trust, less current
maturities $ 447,500 $ 530,000 $ 977,500
The Trust also issues variable funding facilities which are considered secured borrowings backed by restricted
credit card loans. The Trust renewed one variable funding facility in the amount of $225,000 on March 23, 2012. At
December 29, 2012, the Trust had three variable funding facilities with $875,000 in available capacity and $325,000
outstanding. The variable funding facilities are scheduled to mature in March 2014, September 2014, and March
2015. Each of these variable funding facilities includes an option to renew. Variable rate note interest is priced at
a benchmark rate, London Interbank Offered Rate, or commercial paper rate, plus a spread, which ranges from
0.50% to 0.85%. The variable rate notes provide for a fee ranging from 0.25% to 0.40% on the unused portion of the
facilities. During the year ended December 29, 2012, and December 31, 2011, the daily average balance outstanding on
these notes was $142,077 and $91,789, with a weighted average interest rate of 0.78% and 0.80%, respectively.
The Trust sold asset-backed notes of $500,000 (Series 2012-I) and $500,000 (Series 2012-II) on March 7,
2012, and June 27, 2012, respectively. Each securitization transaction included the issuance of $425,000 of Class A
notes and three subordinated classes of notes in the aggregate principal amount of $75,000. The Financial Services
segment retained each of the subordinated classes of notes which were eliminated in the preparation of our
consolidated financial statements. Each class of notes issued in these securitization transactions has an expected
life of approximately five years and a contractual maturity of approximately eight years. These securitization
transactions were used to refinance asset-backed notes issued by the Trust that matured during 2012 and to fund
the growth in restricted credit card loans.
The Financial Services segment has unsecured federal funds purchase agreements with two financial
institutions. The maximum amount that can be borrowed is $85,000. There were no amounts outstanding at
December 29, 2012 or December 31, 2011. During 2012 and 2011, the daily average balance outstanding was $462
and $90, respectively, with a weighted average rate of 0.75% for both years.
13. REVOLVING CREDIT FACILITIES
The Company has a credit agreement providing for a $415,000 revolving credit facility that expires on
November 2, 2016. The unsecured $415,000 revolving credit facility permits the issuance of letters of credit up to
$100,000 and swing line loans up to $20,000. This credit facility may be increased to $500,000 subject to certain
terms and conditions.
No amounts were outstanding under our credit agreement at December 29, 2012, and December 31, 2011.
During 2012 and 2011, the daily average principal balance outstanding on the lines of credit was $43,141 and
$82,495, respectively, and the weighted average interest rate was 1.61% and 1.21%, respectively. Letters of credit