Cabela’s Incorporated (NYSE: CAB) announced today the signing of a new credit facility with a consortium of financial institutions led by U.S. Bank. The new $415 million, five-year credit facility replaces Cabela’s existing $350 million, five-year agreement signed in 2007. Additionally, the new facility may be increased to $500 million subject to certain terms and conditions.
“This agreement is a testament to the confidence our partners have in Cabela’s as we continue to improve efficiencies across our enterprise,” said Tommy Millner, Cabela’s Chief Executive Officer. “The new facility provides us with long-term financing flexibility as we continue to expand our retail store footprint, increase brand loyalty through the operations of World’s Foremost Bank, focus on direct channel growth and increase our market share. We are extremely pleased with the support provided by our banking partners and look forward to continuing our relationship with such strong business partners.”
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".