Wolverine draws $367 million under revolving credit facility

By Sara Rosenberg

New York, March 26 – Wolverine World Wide Inc. borrowed $367 million under its $800 million revolving credit facility on Thursday, according to an 8-K filed with the Securities and Exchange Commission.

Pricing on the revolver can range from Libor plus 112.5 basis points to 175 bps based on net total leverage.

JPMorgan Chase Bank, NA is the administrative agent on the revolver.

The increased cash position resulting from the borrowings allows for greater financial flexibility in light of current uncertainty in the global markets resulting from the Covid-19 outbreak.

Proceeds are expected to be used for working capital and general corporate purposes.

Wolverine is a Rockford, Mich.-based branded footwear and apparel company.

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