ROCKFORD, Mich., July 15, 2015 /PRNewswire/ -- Wolverine
Worldwide (NYSE: WWW) today announced that it has amended and
extended the Company's senior secured credit facilities. The
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 overall size of the Company's borrowing
capacity, the amended credit agreement extends the maturity date of
the facilities, lowers the cost of the Company's debt, lowers cash
required during the first three years, and increases flexibility
with respect to stock repurchases and other restricted uses of
cash.
"We are extremely pleased to complete this new facility with our
lenders and thank them for their support," commented Michael D. Stornant, Wolverine Worldwide's
Senior Vice President and Chief Financial Officer. "This
amendment provides us with additional flexibility and liquidity to
continue to invest in growth, fund possible future acquisitions,
and repurchase shares – all while reducing our interest rate."
Additional details regarding this transaction will be made
available in a Current Report on Form 8-K to be filed by Wolverine
Worldwide with the Securities and Exchange Commission.
ABOUT WOLVERINE WORLDWIDE
With a commitment to service
and product excellence, Wolverine World Wide, Inc. is one of the
world's leading marketers of branded casual, active lifestyle,
work, outdoor sport, athletic, children's and uniform footwear and
apparel. The Company's portfolio of highly recognized brands
includes: Merrell®, Sperry®, Hush
Puppies®, Saucony®, Wolverine®,
Keds®, Stride Rite®, Sebago®,
Cushe®, Chaco®, Bates®, and
HYTEST®. The Company also is the global footwear
licensee of the popular brands Cat® and
Harley-Davidson®. The Company's products are
carried by leading retailers in the U.S. and globally in
approximately 200 countries and territories. For additional
information, please visit our website, wolverineworldwide.com.
FORWARD-LOOKING STATEMENTS
This press release contains
forward-looking statements, including statements regarding future
benefits relating to the amended credit agreement, the Company's
investment in growth, the possibility of future acquisitions and
share repurchases, and applicable interest rates. In
addition, words such as "guidance," "estimates," "anticipates,"
"believes," "forecasts," "step," "plans," "predicts," "projects,"
"is likely," "expects," "intends," "should," "will," "confident,"
variations of such words, and similar expressions are intended to
identify forward-looking statements. These statements are not
guarantees of future performance and involve certain risks,
uncertainties, and assumptions ("Risk Factors") that are difficult
to predict with regard to timing, extent, likelihood, and degree of
occurrence. Risk Factors include, among others: the
Company's ability to successfully develop its brands and
businesses; the impact of financial and credit markets on the
Company, its suppliers and customers; changes in interest rates,
tax laws, duties, tariffs, quotas, or applicable assessments in
countries of import and export including anti-dumping measures and
trade defense actions; changes in consumer preferences, spending
patterns, buying patterns, price sensitivity or the demand for the
Company's products; changes in future pension funding requirements
and pension expenses; the ability to secure and protect owned
intellectual property or use licensed intellectual property; the
risk of impairment to goodwill and other intangibles; cancellation
of orders for future delivery; the failure of the U.S. Department
of Defense to exercise future purchase options or award new
contracts, or the cancellation or modification of existing
contracts by the Department of Defense or other military
purchasers; changes in relationships with, including the loss of,
significant customers; the availability and pricing of footwear
manufacturing capacity; reliance on foreign sourcing; failure of
international licensees and distributors to meet sales goals or to
make timely payments on amounts owed; risks related to the
significant investment in, and performance of, the Company's
consumer-direct business; disruption of technology systems; the
impact of regulation, regulatory or legal proceedings and legal
compliance risks; the cost, availability, and management of raw
materials, inventories, services, and labor for owned and contract
manufacturers; the impact of competition and pricing; currency
fluctuations and restrictions; the risks of doing business in
developing countries and politically or economically volatile
areas; retail buying patterns; consolidation in the retail sector;
the shift in consumer shopping and buying patterns including the
increased shift to e-commerce and mobile platforms; changes in
national, regional or global economic and market conditions; acts
and effects of war and terrorism; the impact of seasonality and
unpredictable weather conditions; problems affecting the Company's
distribution system, including service interruptions at shipping
and receiving ports; the potential breach of the Company's
databases, or those of its vendors, which contain certain personal
information or payment card data; the inability for any reason to
effectively compete in global footwear, apparel and consumer-direct
markets; strategic actions, including new initiatives and ventures,
acquisitions and dispositions, and the Company's success in
integrating acquired businesses; the success of the Company's
consumer-direct realignment initiatives; and additional factors
discussed in the Company's reports filed with the Securities and
Exchange Commission and exhibits thereto. The foregoing Risk
Factors, as well as other existing Risk Factors and new Risk
Factors that emerge from time to time, may cause actual results to
differ materially from those contained in any forward-looking
statements. Given these risks and uncertainties, investors
should not place undue reliance on forward-looking statements as a
prediction of actual results. Furthermore, the Company
undertakes no obligation to update, amend, or clarify
forward-looking statements.
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SOURCE Wolverine Worldwide