Capital One prices tender offer for 2.71% series 2013-I Cabela notes

By Taylor Fox

New York, Sept. 25 – Capital One Bank (USA), NA, subsidiary of Capital One Financial Corp., announced the pricing information, expiration ad results of its tender offer to purchase for cash the 2.71% series 2013-I class A fixed-rate asset-backed notes due Feb. 17, 2026 (Cusip: 126802CL9) issued by Cabela’s Credit Card Master Note Trust, according to a news release.

The offer expired at 5 p.m. ET Sept. 25.

Of the $327.25 million of outstanding notes, $307,875,000, or 94.08%, were validly tendered and not validly withdrawn.

The purchase price for each $1,000 of notes is $1,055.07 based on the interpolated swap rate of 0.228% and a fixed spread of 15 basis points, as determined at 2 p.m. ET Sept. 25. The interpolated swap rate was based on the bid and offered swap rates for the two-year USD semiannual mid-swap rate and the three-year USD semiannual mid-swap rate.

The purchase price will be paid on the settlement date of Oct. 1, plus interest.

Dealer managers for the tender offer are J.P. Morgan Securities LLC (866 834-4666, 212 834-3424) and RBC Capital Markets, LLC (877 381-2099, 212 618-7843).

D.F. King & Co., Inc. is the information and tender agent (212 269-5550, 877 679-4107; capitalone@dfking.com).

The trust was formed by WFB Funding, LLC, as depositor. WFB is an indirect wholly owned subsidiary of Capital One Bank.

Capital One is a McLean, Va.-based financial institution.

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