Wolverine Worldwide Announces Completion of Debt Refinancing
The resulting capital structure is expected to meaningfully benefit the Company, with estimated interest savings of
The completed refinancing included the following activities:
- Redemption of
$375 million of 6.125% Senior Notes due 2020 - Issuance of
$250 million of 5.000% Senior Notes due 2026 - Amendment of the Company's senior credit facility, which will provide
$150 million of incremental term loans and$100 million of incremental revolving credit facility
"We expect to continue to consistently generate significant cash and, as a result of our refinancing efforts, we are better positioned to return more of this value to shareholders," said
ABOUT WOLVERINE WORLDWIDE
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FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements, which are statements relating to future, not past, events. In this context, forward-looking statements often address management's current beliefs, assumptions, expectations, estimates and projections about future business and financial performance, national, regional or global political, economic and market conditions, and the Company itself. Such statements often contain words such as "guidance," "estimates," "anticipates," "believes," "forecasts," "step," "plans," "predicts," "projects," "is likely," "expects," "intends," "should," "will," "confident," variations of such words, and similar expressions. Forward-looking statements include all matters that are not historical facts, and by their nature, address matters that are, to varying degrees, uncertain. They appear in a number of places throughout this press release and include statements regarding the Company's intentions, beliefs or current expectations concerning, among other things, our results of operations, financial condition, liquidity, prospects, growth, strategies and the industry in which we operate. By their nature, forward-looking statements involve risks and uncertainties because they relate to events and depend on circumstances that may or may not occur in the future. Important factors that could cause actual results to differ materially from those in forward-looking statements include, but are not limited to, the following: changes in general economic conditions, employment rates, business conditions, interest rates, tax policies and other factors affecting consumer spending in the markets and regions in which the Company's products are sold; the inability for any reason to effectively compete in global footwear, apparel and consumer-direct markets; the inability to maintain positive brand images and anticipate, understand and respond to changing footwear and apparel trends and consumer preferences; the inability to effectively manage inventory levels; increases or changes in duties, tariffs, quotas or applicable assessments in countries of import and export; currency fluctuations; currency restrictions; capacity constraints, production disruptions, quality issues, price increases or other risks associated with foreign sourcing; the cost and availability of raw materials, inventories, services and labor for owned and contract manufacturers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; the failure of the
Although we base these forward-looking statements on assumptions that we believe are reasonable when made, we caution investors that forward-looking statements are not guarantees of future performance and that our actual results of operations, financial condition and liquidity and the development of the industry in which we operate may differ materially from those made in or suggested by the forward-looking statements contained or incorporated by reference in this press release. In addition, even if our results of operations, financial condition and liquidity, and the development of the industry in which we operate are consistent with the forward-looking statements contained in this press release, those results or developments may not be indicative of results or developments in subsequent periods. Given these risks and uncertainties, investors are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statements that we make in this press release speak only as of the date of such forward-looking statements, and we undertake no obligation to update, amend or clarify those statements, whether as a result of new information, future events or otherwise. Comparisons of results for current and any prior periods are not intended to express any future trends or indications of future performance, unless expressed as such, and should only be viewed as historical data.
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SOURCE Wolverine Worldwide
Mike Stornant (616) 866-5728