ROCKFORD, Mich., Aug. 16, 2016 /PRNewswire/ -- Wolverine
World Wide, Inc. (NYSE: WWW) (the "Company") today announced the
pricing of its offering of $250
million aggregate principal amount of 5.000% Senior Notes
due 2026 (the "Notes"). The Company intends to use the net
proceeds from the offering, together with borrowings under its
senior credit facility and cash on hand, to fund the redemption of
its outstanding 6.125% Senior Notes due 2020, and pay related fees
and expenses. The Notes will be guaranteed by certain of the
Company's domestic subsidiaries. The offering is expected to close
on August 30, 2016.
The Notes and related guarantees will be offered only to persons
believed to be qualified institutional buyers under Rule 144A
of the Securities Act of 1933, as amended (the "Securities Act"),
and to non-U.S. persons in transactions outside the United States under Regulation S of
the Securities Act. The Notes have not been registered under the
Securities Act, and, unless so registered, may not be offered or
sold in the United States absent
registration or an applicable exemption from the registration
requirements of the Securities Act and other applicable securities
laws.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of the
Notes, in any jurisdiction in which such offer, solicitation or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. In addition, this
press release does not constitute a notice of redemption with
respect to the existing notes. Any such notice of redemption will
be separately issued by the Company when and if the existing notes
are called for redemption. This press release is being issued
pursuant to, and in accordance with, Rule 135c under the Securities
Act.
This press release contains forward-looking statements. In
addition, 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 are intended to
identify forward-looking statements. These statements are not
guarantees of future performance and involve certain risks,
uncertainties, and assumptions ("Risk Factors") that are difficult
to predict with regard to timing, extent, likelihood, and degree of
occurrence. Risk Factors include, among others: 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 U.S. Department of Defense to exercise future
purchase options or award new contracts, or the cancellation or
modification of existing contracts by the Department of Defense or
other military purchasers; risks related to the significant
investment in, and performance of, the Company's consumer-direct
operations; risks related to the expanding into new markets and
complementary product categories as well as consumer-direct
operations; the impact of seasonality and unpredictable weather
conditions; changes in general economic conditions and/or the
credit markets on the Company's distributors, suppliers and
customers; increase in the Company's 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; the potential breach of the Company's databases, or those of
its vendors, which contain certain personal information or payment
card data; problems affecting the Company's distribution system,
including service interruptions at shipping and receiving ports;
strategic actions, including new initiatives and ventures,
acquisitions and dispositions, and the Company's success in
integrating acquired businesses, and implementing new initiatives
and ventures; the risk of impairment to goodwill and other acquired
intangibles; the success of the Company's consumer-direct
realignment initiatives; changes in future pension funding
requirements and pension expenses; and additional factors discussed
in the Company's 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 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.
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SOURCE Wolverine Worldwide