Wolverine World redeems 5% notes due 2026, 6 3/8% notes due 2025

By Wendy Van Sickle

Columbus, Ohio, Aug. 26 – Wolverine World Wide, Inc. redeemed all of its outstanding 5% senior notes due 2026 and 6 3/8% senior notes due 2025 using proceeds of a $550 million issue of 4% eight-year senior notes and borrowings under its credit facility, according to a news release.

“The recent bond refinancing actions will deliver annual interest expense savings of approximately $9.5 million that will benefit us immediately. The new notes also provide longer tenor. We are well positioned to continue to invest in driving profitable growth, especially for our fast-growing performance brands, led by Merrell, Saucony and Sweaty Betty,” Mike Stornant, senior vice president and chief financial officer, said in the release.

The footwear and apparel company is based in Rockford, Mich.

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