Wolverine lifts revolver to $500 million, extends, improves pricing

By Wendy Van Sickle

Columbus, Ohio July 15 – Wolverine World Wide, Inc. increased its revolving credit facility by $300 million and reduced pricing under an agreement that replaces its July 31, 2012 credit agreement, according to an 8-K filed with the Securities and Exchange Commission.

The revolver now has a capacity of $500 million, up from $200 million.

Initial interest is at Libor plus 162.5 basis points. It can range from Libor plus 125 bps to 200 bps, down from Libor plus 137.5 bps to 225 bps, depending on leverage. There’s a commitment fee ranging from 17.5 to 35 bps.

The new maturity date is July 13, 2020.

The credit agreement also includes a $450 million term loan A, which replaces the previous term loan.

The agreement also includes a $500 million accordion feature.

J.P. Morgan Securities LLC, Wells Fargo Securities, LLC and MUFG Union Bank, NA are the lead arrangers. Administrative agent is JP Morgan Chase Bank, NA. Wells Fargo Bank, NA and MUFG Union Bank, NA are the co-syndication agents.

There were no loans outstanding and $3.6 million of existing letters of credit under the revolver at closing on Monday.

Wolverine is a Rockford, Mich.-based marketer of branded casual, active lifestyle, work, outdoor sport and uniform footwear and apparel.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.