New Issue: Wolverine prices $250 million 10-year notes at par to yield 5%

By Paul A. Harris

Portland, Ore., Aug. 16 – Wolverine World Wide, Inc. priced a $250 million issue of 10-year senior notes (Ba3/BB+) at par to yield 5% on Tuesday, according to market sources.

The yield printed on top of yield talk. Initial guidance was in the low 5% yield context.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and HSBC were the joint bookrunners.

The Rockford, Mich.-based marketer of branded footwear and apparel plans to use the proceeds, together with borrowings under its senior credit facility and cash on hand, to redeem the 6 1/8% senior notes due 2020.

Issuer:	Wolverine World Wide, Inc.
Amount:	$250 million
Maturity:	Sept. 1, 2026
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Wells Fargo Securities LLC, HSBC
Coupon:	5%
Price:	Par
Yield:	5%
Spread:	343 bps
Call:	Make-whole call at Treasuries plus 50 bps until Sept. 1, 2021, then callable at 102.5
Trade date:	Aug. 16
Settlement date:	Aug. 30
Ratings:	Moody's: Ba3
	S&P: BB+
Distribution:	Rule 144A for life
Price talk:	5% area
Marketing:	Quick to market

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