Wolverine Worldwide refinances debt
Wolverine Worldwide has amended and extended its senior secured credit facilities.
The Rockford-based footwear maker announced yesterday that its amended credit agreement consists of a $450-million term loan and a $500-million revolving credit facility, an overall facility increase of $300 million.
In addition to increasing the size of the company's borrowing capacity, Wolverine Worldwide said the amended credit agreement extends the maturity date of the facilities, lowers the cost of its debt, lowers cash required during the first three years and increases flexibility with respect to stock re-purchases and other restricted uses of cash.
Michael Stornant, SVP and CFO at Wolverine Worldwide, said the amendment reduces its interest rate and provides the company with “additional flexibility and liquidity to continue to invest in growth, fund possible future acquisitions and re-purchase shares.”
The company said additional details regarding the transaction will be available in a Current Report on Form 8-K to be filed by Wolverine Worldwide with the Securities and Exchange Commission.
Wolverine Worldwide’s brand portfolio includes Merrell, Sperry, Hush Puppies, Saucony, Wolverine, Keds, Stride Rite, Sebago, Cushe, Chaco, Bates and HYTEST.
The company is also the global footwear licensee of the Cat and Harley-Davidson brands.