Moody's assigns Wolverine notes Ba2

Moody's Investors Service said it assigned a Ba2 rating to Wolverine World Wide, Inc.'s expected $550 million of senior unsecured notes due 2029. Wolverine's other ratings are unchanged, including its Ba1 corporate family rating, the Ba1-PD probability of default rating, the Ba2 ratings on its unsecured notes and its SGL-1 speculative grade liquidity rating.

The proceeds will be used, together with a $35 million revolver draw, to redeem $250 million of 5% unsecured notes due 2026 and $300 million of 6 3/8% unsecured notes due 2025 and to pay related fees and expenses.

"The refinancing is credit positive because it will result in annual interest expense savings of around $8 million and extend the company's debt maturity profile," stated Mike Zuccaro, a Moody's vice president, in a press release.

The outlook is stable.

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