{"id":768286,"date":"2023-07-07T07:02:04","date_gmt":"2023-07-07T11:02:04","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/wolverine-worldwide-announces-amendment-to-credit-agreement\/"},"modified":"2023-07-07T07:02:04","modified_gmt":"2023-07-07T11:02:04","slug":"wolverine-worldwide-announces-amendment-to-credit-agreement","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/wolverine-worldwide-announces-amendment-to-credit-agreement\/","title":{"rendered":"Wolverine Worldwide Announces Amendment to Credit Agreement"},"content":{"rendered":"<p>        <!--.bwalignc { text-align: center; list-style-position: inside }body {font:normal small Arial,Helvetica,sans-serif;color:#000;background-color:#fff;padding:24px;margin:0;} a img {border:0;} h3 {font-size:medium;color:#000;margin:0 0 1em 0; text-align:center;}-->  <\/p>\n<p class=\"bwalignc\"><b>Wolverine Worldwide Announces Amendment to Credit Agreement<\/b><\/p>\n<p class=\"bwalignc\"><b><i>Temporarily amends certain financial covenants to <\/i><\/b><b><i>enhance liquidity and financial flexibility<\/i><\/b><\/p>\n<p>ROCKFORD, Mich.&#8211;(<a href=\"http:\/\/www.businesswire.com\">BUSINESS WIRE<\/a>)&#8211;<br \/>\nWolverine World Wide, Inc. (NYSE: WWW), which operates one of the world\u2019s largest portfolios of lifestyle and footwear brands, announced today that it has entered into a fourth amendment (the \u201cAmendment\u201d) of its existing Credit Agreement dated as of July 31, 2012 (the \u201cCredit Agreement\u201d).<\/p>\n<p>\nThe Amendment provides the Company with near-term financial and operational flexibility by adjusting the maximum consolidated leverage ratio under the Credit Agreement from 4.5x EBITDA to 4.875x EBITDA for the remainder of fiscal 2023. Financial covenant thresholds will revert to pre-existing levels under the Credit Agreement in the first quarter of fiscal 2024. JP Morgan Chase Bank, N.A. served as administrative agent, and the Amendment received unanimous support from the Company\u2019s bank group.<\/p>\n<p>\n\u201cThis Amendment demonstrates our ongoing commitment to proactively enhancing our balance sheet and financial flexibility,\u201d said Mike Stornant, Wolverine Worldwide\u2019s Executive Vice President and Chief Financial Officer. \u201cWhile we continue to expect benefits in the second half of the year from lower transitory supply chain costs, further savings from profit improvement initiatives, and ongoing reduction of inventories, we believe proactively adjusting our leverage ratio is appropriate as we navigate a challenging macroeconomic environment. We are pleased by the strong support and favorable pricing we received from our bank group on this amendment.\u201d<\/p>\n<p><b>ABOUT WOLVERINE WORLDWIDE<\/b><\/p>\n<p>\nFounded in 1883 on the belief in the possibility of opportunity, Wolverine World Wide, Inc. (NYSE:WWW) is one of the world\u2019s leading marketers and licensors of branded casual, active lifestyle, work, outdoor sport, athletic, children&#8217;s and uniform footwear and apparel. Through a diverse portfolio of highly recognized brands, our products are designed to empower, engage and inspire our consumers every step of the way. The Company\u2019s portfolio includes <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.merrell.com%2FUS%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Merrell%26%23174%3B&amp;index=1&amp;md5=12c3a7ba327c79ff1c8f373379002544\">Merrell\u00ae<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.saucony.com%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Saucony%26%23174%3B&amp;index=2&amp;md5=4c3b157ee9e37b0d7f9b0b4b3db19cc7\">Saucony\u00ae<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sperry.com%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Sperry%26%23174%3B&amp;index=3&amp;md5=99434595538849d0917ed6f39a3882ee\">Sperry\u00ae<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.sweatybetty.com%2F&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Sweaty+Betty%26%23174%3B&amp;index=4&amp;md5=9bc2d59530e3a354b81946ea1464408c\">Sweaty Betty\u00ae<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.hushpuppies.com%2FUS%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Hush+Puppies%26%23174%3B%2C&amp;index=5&amp;md5=c77f49666a0137c0376a0971089a7057\">Hush Puppies\u00ae,<\/a><a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.wolverine.com%2FUS%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Wolverine%26%23174%3B&amp;index=6&amp;md5=3cad521a2eee3b00f0b570222800cf15\">Wolverine\u00ae<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.chacos.com%2FUS%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Chaco%26%23174%3B&amp;index=7&amp;md5=97793c7e596f188f49adbdef2fde86c3\">Chaco\u00ae<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.batesfootwear.com%2FUS%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Bates%26%23174%3B&amp;index=8&amp;md5=09ca097901e41cef68d3407ac56241a9\">Bates\u00ae<\/a>, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.hytest.com%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=HYTEST%26%23174%3B%2C&amp;index=9&amp;md5=0d33aae044c310d8a1bc423e28f1d125\">HYTEST\u00ae,<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.striderite.com%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Stride+Rite%26%23174%3B&amp;index=10&amp;md5=ad78ca8ababd42cb89618ebb1e357622\">Stride Rite\u00ae<\/a>. Wolverine Worldwide is also the global footwear licensee of the popular brands <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.catfootwear.com%2FUS%2Fen%2Fhome&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Cat%26%23174%3B&amp;index=11&amp;md5=5aab436dcc7c9bb7a6b5206b25972535\">Cat\u00ae<\/a> and <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=https%3A%2F%2Fwww.harley-davidsonfootwear.com%2F&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=Harley-Davidson%26%23174%3B.&amp;index=12&amp;md5=02238e1e09118d040291cd3a059204ba\">Harley-Davidson\u00ae.<\/a> Based in Rockford, Michigan, for 140 years, the Company&#8217;s products are carried by leading retailers in the U.S. and globally in approximately 170 countries and territories. For additional information, please visit our website, <a rel=\"nofollow\" href=\"https:\/\/cts.businesswire.com\/ct\/CT?id=smartlink&amp;url=http%3A%2F%2Fwww.wolverineworldwide.com&amp;esheet=53441120&amp;newsitemid=20230707412312&amp;lan=en-US&amp;anchor=www.wolverineworldwide.com&amp;index=13&amp;md5=378fa0deac684cd723e89da4c31446cd\">www.wolverineworldwide.com<\/a>.<\/p>\n<p><b>FORWARD-LOOKING STATEMENTS<\/b><\/p>\n<p>\nThis press release contains forward-looking statements, including statements regarding the Company\u2019s expectations with respect to: the Company\u2019s balance sheet, financial flexibility, EBITDA performance, supply chain costs, and profit improvement savings. In addition, words such as \u201cestimates,\u201d \u201canticipates,\u201d \u201cbelieves,\u201d \u201cforecasts,\u201d \u201cstep,\u201d \u201cplans,\u201d \u201cpredicts,\u201d \u201cfocused,\u201d \u201cprojects,\u201d \u201coutlook,\u201d \u201cis likely,\u201d \u201cexpects,\u201d \u201cintends,\u201d \u201cshould,\u201d \u201cwill,\u201d \u201cconfident,\u201d variations of such words, and similar expressions are intended to identify forward-looking statements. These statements are not guarantees of future performance and involve certain risks, uncertainties, and assumptions (\u201cRisk Factors\u201d) that are difficult to predict with regard to timing, extent, likelihood, and degree of occurrence. Risk Factors include, among others: the risk that the Company will be able to successfully implement its growth and profit improvement strategies; the effects of the COVID-19 pandemic or other health crises and containment efforts on the Company\u2019s business, operations, financial results and liquidity, including the duration and magnitude of such effects; changes in general economic conditions, employment rates, business conditions, interest rates, tax policies, inflationary pressures and other factors affecting consumer spending in the markets and regions in which the Company\u2019s products are sold; the inability for any reason to effectively compete in global footwear, apparel and direct-to-consumer 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; foreign currency exchange rate fluctuations; currency restrictions; supply chain or other 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 contract manufacturers; labor disruptions; changes in relationships with, including the loss of, significant wholesale customers; risks related to the significant investment in, and performance of, the Company\u2019s consumer-direct operations; risks related to expansion into new markets and complementary product categories; the impact of seasonality and unpredictable weather conditions; changes in general economic conditions and\/or the credit markets on the Company\u2019s distributors, suppliers and retailers; increases in the Company\u2019s effective tax rates; failure of licensees or distributors to meet planned annual sales goals or to make timely payments to the Company; the risks of doing business in developing countries, and politically or economically volatile areas; the ability to secure and protect owned intellectual property or use licensed intellectual property; the impact of regulation, regulatory and legal proceedings and legal compliance risks, including compliance with federal, state and local laws and regulations relating to the protection of the environment, environmental remediation and other related costs, and litigation or other legal proceedings relating to the protection of the environment or environmental effects on human health; the potential breach of the Company\u2019s databases or other systems, or those of its vendors, which contain certain personal information, payment card data or proprietary information, due to cyberattack or other similar events; problems affecting the Company\u2019s supply chain or distribution system, including service interruptions at shipping and receiving ports; strategic actions, including new initiatives and ventures, acquisitions and dispositions, and the Company\u2019s success in integrating acquired businesses, and implementing new initiatives and ventures; the risk of impairment to goodwill and other intangibles; changes in future pension funding requirements and pension expenses; and additional factors discussed in the Company\u2019s reports filed with the Securities and Exchange Commission and exhibits thereto. The foregoing Risk Factors, as well as other existing Risk Factors and new Risk Factors that emerge from time to time, may cause actual results to differ materially from those contained in any forward-looking statements. Given these or other risks and uncertainties, investors should not place undue reliance on forward-looking statements as a prediction of actual results. Furthermore, the Company undertakes no obligation to update, amend, or clarify forward-looking statements.<\/p>\n<p><img decoding=\"async\" alt=\"\" src=\"https:\/\/cts.businesswire.com\/ct\/CT?id=bwnews&amp;sty=20230707412312r1&amp;sid=flmnd&amp;distro=nx&amp;lang=en\" style=\"width:0;height:0\" \/><span class=\"bwct31415\" \/><\/p>\n<p id=\"mmgallerylink\"><span id=\"mmgallerylink-phrase\">View source version on businesswire.com: <\/span><span id=\"mmgallerylink-link\"><a href=\"https:\/\/www.businesswire.com\/news\/home\/20230707412312\/en\/\" rel=\"nofollow\">https:\/\/www.businesswire.com\/news\/home\/20230707412312\/en\/<\/a><\/span><\/p>\n<p><b>Dave Latchana, (616) 863-4226<\/b><\/p>\n<p><b>KEYWORDS:<\/b> United States North America Michigan<\/p>\n<p><b>INDUSTRY KEYWORDS:<\/b> Footwear Finance Specialty Professional Services Lifestyle Consumer Fashion Retail<\/p>\n<p><b>MEDIA:<\/b><\/p>\n<table cellpadding=\"3\" cellspacing=\"3\">\n<tr>\n<td><font face=\"Arial\" size=\"2\"><b>Logo<\/b><\/font><\/td>\n<\/tr>\n<tr>\n<td><img decoding=\"async\" src=\"https:\/\/mms.businesswire.com\/media\/20230707412312\/en\/1835508\/3\/WWW_Logo.jpg\" alt=\"Logo\" \/><\/td>\n<\/tr>\n<tr>\n<td><font face=\"Arial\" size=\"2\"><\/font><\/td>\n<\/tr>\n<\/table>\n","protected":false},"excerpt":{"rendered":"<p>Wolverine Worldwide Announces Amendment to Credit Agreement Temporarily amends certain financial covenants to enhance liquidity and financial flexibility ROCKFORD, Mich.&#8211;(BUSINESS WIRE)&#8211; Wolverine World Wide, Inc. (NYSE: WWW), which operates one of the world\u2019s largest portfolios of lifestyle and footwear brands, announced today that it has entered into a fourth amendment (the \u201cAmendment\u201d) of its existing Credit Agreement dated as of July 31, 2012 (the \u201cCredit Agreement\u201d). The Amendment provides the Company with near-term financial and operational flexibility by adjusting the maximum consolidated leverage ratio under the Credit Agreement from 4.5x EBITDA to 4.875x EBITDA for the remainder of fiscal 2023. Financial covenant thresholds will revert to pre-existing levels under the Credit Agreement in the first quarter of fiscal 2024. JP &hellip; <\/p>\n<p class=\"link-more\"><a href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wolverine-worldwide-announces-amendment-to-credit-agreement\/\" class=\"more-link\">Continue reading<span class=\"screen-reader-text\"> &#8220;Wolverine Worldwide Announces Amendment to Credit Agreement&#8221;<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-768286","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.8 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Wolverine Worldwide Announces Amendment to Credit Agreement - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/wolverine-worldwide-announces-amendment-to-credit-agreement\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Wolverine Worldwide Announces Amendment to Credit Agreement - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"Wolverine Worldwide Announces Amendment to Credit Agreement Temporarily amends certain financial covenants to enhance liquidity and financial flexibility ROCKFORD, Mich.&#8211;(BUSINESS WIRE)&#8211; Wolverine World Wide, Inc. (NYSE: WWW), which operates one of the world\u2019s largest portfolios of lifestyle and footwear brands, announced today that it has entered into a fourth amendment (the \u201cAmendment\u201d) of its existing Credit Agreement dated as of July 31, 2012 (the \u201cCredit Agreement\u201d). The Amendment provides the Company with near-term financial and operational flexibility by adjusting the maximum consolidated leverage ratio under the Credit Agreement from 4.5x EBITDA to 4.875x EBITDA for the remainder of fiscal 2023. Financial covenant thresholds will revert to pre-existing levels under the Credit Agreement in the first quarter of fiscal 2024. 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Market Newsdesk","robots":{"index":"index","follow":"follow","max-snippet":"max-snippet:-1","max-image-preview":"max-image-preview:large","max-video-preview":"max-video-preview:-1"},"canonical":"https:\/\/www.marketnewsdesk.com\/index.php\/wolverine-worldwide-announces-amendment-to-credit-agreement\/","og_locale":"en_US","og_type":"article","og_title":"Wolverine Worldwide Announces Amendment to Credit Agreement - Market Newsdesk","og_description":"Wolverine Worldwide Announces Amendment to Credit Agreement Temporarily amends certain financial covenants to enhance liquidity and financial flexibility ROCKFORD, Mich.&#8211;(BUSINESS WIRE)&#8211; Wolverine World Wide, Inc. (NYSE: WWW), which operates one of the world\u2019s largest portfolios of lifestyle and footwear brands, announced today that it has entered into a fourth amendment (the \u201cAmendment\u201d) of its existing Credit Agreement dated as of July 31, 2012 (the \u201cCredit Agreement\u201d). The Amendment provides the Company with near-term financial and operational flexibility by adjusting the maximum consolidated leverage ratio under the Credit Agreement from 4.5x EBITDA to 4.875x EBITDA for the remainder of fiscal 2023. Financial covenant thresholds will revert to pre-existing levels under the Credit Agreement in the first quarter of fiscal 2024. 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