Cabela's Inc. said Tuesday it has completed a second change to its revolving credit facility that allows it to transfer up to $225 million of capital to its bank unit, World's Foremost Bank, in 2010.
The supplier of outdoor gear and clothing also can now contribute $25 million in capital to the bank in any fiscal year. To secure the amendment, Cabela's paid a fee of 50 basis points of the revolving commitment amount. The credit facility expires June 30, 2012.
Sidney, Neb.-based Cabela's announced earlier that it had decreased its revolving credit facility to $350 million from $430 million. It believes $350 million is adequate for its needs.
Its shares rose 6 cents to close at $13.47 on Tuesday.