2009-04-14 22:03:07 -

Cabela’s Incorporated (NYSE: CAB), the World’s Foremost Outfitter® of hunting, fishing and outdoor gear, announced today that Cabela’s Credit Card Master Note Trust successfully completed the sale of $500 million of Asset-Backed Notes, Series 2009-I. The securitization transaction included the issuance of $425,000,000 of Class A Notes, which accrue interest at a floating rate equal to one-month LIBOR plus 2.00% per year. The Class A Notes are eligible collateral under the Term Asset-Backed Securities Loan Facility (TALF) established by the Federal Reserve.

The securitization transaction also included the issuance of three subordinated classes of notes in the aggregate principal amount of $75,000,000. 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. The securitization transaction refinanced asset-backed notes issued by the Note Trust that matured in 2009 and is expected to provide adequate liquidity to World’s Foremost Bank well into the second quarter of 2010.

“We are one of the first to utilize the TALF program and are extremely pleased with the outcome,” said Joe Friebe, President and Chief Executive Officer of World’s Foremost Bank. “We completed this transaction, which was oversubscribed, in an extremely tough market, demonstrating that Cabela’s CLUB Visa portfolio continues to be well received in the marketplace.”


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".

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. Such forward-looking statements include, but are not limited to, the Company’s statement that the securitization transaction is expected to provide adequate liquidity to World’s Foremost Bank well into the second quarter of 2010. 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 level of discretionary consumer spending; the strength of the economy; changes in the capital and credit markets or the availability of capital and credit; the Company’s ability to comply with the financial covenants in its credit arrangements; counterparty risk on the Company’s unsecured revolving credit facility; changes in consumer preferences and demographic trends; the Company’s ability to successfully execute its multi-channel strategy; the ability to negotiate favorable purchase, lease and/or economic development arrangements for new retail store locations; expansion into new markets; market saturation due to new retail store openings; the rate of growth of general and administrative expenses associated with building a strengthened corporate infrastructure to support the Company’s growth initiatives; increasing competition in the outdoor segment of the sporting goods industry; the cost of the Company’s products; trade restrictions; political or financial instability in countries where the goods the Company sells are manufactured; adverse fluctuations in foreign currencies; increases in postage rates or paper and printing costs; supply and delivery shortages or interruptions caused by system changes or other factors; adverse or unseasonal weather conditions; fluctuations in operating results; the cost of fuel increasing; road construction around the Company’s retail stores; labor shortages or increased labor costs; increased government regulation, including regulations relating to firearms and ammunition; inadequate protection of the Company’s intellectual property; the Company’s ability to protect its brand and reputation; changes in accounting rules applicable to securitization transactions; the Company’s ability to manage credit and liquidity risks; any downgrade of the ratings on the outstanding notes issued by the Company’s financial services business’ securitization trust; the ability of the Company’s financial services business to securitize credit card receivables at acceptable rates or access the deposits market; decreased interchange fees received by the Company’s financial services business as a result of credit card industry litigation; other factors that the Company may not have currently identified or quantified; 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 27, 2008), 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.



Cabela’s IncorporatedInvestors:Chris Gay,

308-255-2905orMedia:Joe Arterburn, 308-255-1204