Cabela's gets expanded $415 million five-year revolver via U.S. Bank

By Susanna Moon

Chicago, Nov. 8 - Cabela's Inc. signed a $415 million five-year revolving credit facility last Wednesday with a consortium of banks led by U.S. Bank NA, according to an 8-K filing with the Securities and Exchange Commission.

Interest is initially Libor plus 137.5 basis points. The margin will be Libor plus 125 bps to 200 bps, based on leverage.

The commitment fee is 20 bps, with a margin of 15 bps to 30 bps.

There is a $100 million sublimit for issuing letters of credit and a $20 million sublimit for swingline loans. The facility expires on Nov. 2, 2016, and the size could be increased to $500 million.

The facility replaces Cabela's $350 million five-year agreement that was signed in 2007.

U.S. Bank is the lead arranger and bookrunner as well as administrative agent, swingline lender and letter-of-credit issuer. Wells Fargo Bank, NA is letter-of-credit issuer and syndication agent. Bank of America, NA is documentation agent.

Lenders also include Barclays Bank plc, Royal Bank of Canada, Bank of the West, Comerica Bank and Sovereign Bank.

"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," Tommy Millner, Cabela's chief executive officer, said in a press release.

Cabela's is a Sidney, Neb.-based marketer and retailer of hunting, fishing, camping and outdoor merchandise.

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