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Wolverine gets $775 million term loan A, $200 million revolver
By Angela McDaniels
Tacoma, Wash., Oct. 11 - Wolverine World Wide, Inc. entered into a replacement facility amendment on Thursday. Following the amendment, the company's credit agreement provides for a $775 million term loan A and a $200 million revolving loan facility, according to an 8-K filing with the Securities and Exchange Commission.
There is a $375 million accordion feature.
The interest rate was lowered to Libor plus a margin ranging from 137.5 basis points to 225 bps. The exact margin depends on the company's net total leverage ratio.
The maturity date of the loans is Oct. 10, 2018.
The proceeds of the term loan A will be used to refinance the outstanding obligations under the credit agreement.
The credit agreement was entered into on July 31, 2012, and the company completed all conditions for the receipt of funding on Oct. 9, 2012. The credit agreement provided for a $550 million five-year term loan A, a $350 million seven-year term loan B and a $200 million five-year revolver, and the accordion feature was $200 million.
At funding, the interest rate on the term loan A and revolver was Libor plus 200 bps, and the interest rate for the term loan B was Libor plus 300 bps with a 1% Libor floor.
JPMorgan Chase Bank, NA is the administrative agent and a lender. J.P. Morgan Europe Ltd. is the foreign currency agent. Wells Fargo Bank, NA is the syndication agent and a lender. Fifth Third Bank is a documentation agent and a lender. PNC Bank, NA is a documentation agent and a lender.
Wolverine is a Rockford, Mich.-based marketer of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel.
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