Cabela’s Inc. Announces Successful Renewal of Variable Funding Facility with JPMorgan Chase Bank
SIDNEY, Neb.-(Business Wire)-September 15, 2009 - Cabela’s Incorporated (NYSE: CAB) announced today that JPMorgan Chase Bank, National Association has renewed its $350.0 million commitment under an outstanding series of variable funding notes issued by Cabela’s Credit Card Master Note Trust. The commitment is for one year.
“We are very pleased to have completed the renewal of this facility with JPMorgan Chase Bank,” said Joe Friebe, President and Chief Executive Officer of World’s Foremost Bank. “We expect this renewal to provide sufficient liquidity for World’s Foremost Bank through the third quarter of 2010.”
“Over the years, JPMorgan Chase Bank has been an important long-term business partner of World’s Foremost Bank and Cabela’s,” Friebe said.
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 renewal is expected to provide sufficient liquidity for World’s Foremost Bank through the third 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, including increases in unemployment levels and bankruptcy filings; 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, including related increases in required regulatory capital; 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; the impact of legislation, regulation and supervisory regulatory actions in the financial services industry, including the Credit Card Accountability Responsibility and Disclosure Act of 2009 and the proposed financial regulatory reform; 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, and Form 10-Q for the fiscal quarter ended June 27, 2009), 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.
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