Wolverine World Wide, Inc. (NYSE: WWW) (the “Company”) today
announced the pricing of its offering of $550 million aggregate
principal amount of 4.000% Senior Notes due 2029 (the “Notes”). The
Company intends to use the net proceeds from the offering, together
with borrowings under its amended senior credit facility, to redeem
all of its outstanding 5.000% Senior Notes due 2026 and 6.375%
Senior Notes due 2025 and pay all related fees and expenses. The
Notes will be guaranteed by the Company’s domestic subsidiaries
that guarantee its senior credit facilities. The offering is
expected to close on August 26, 2021, subject to customary closing
conditions.
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 does not constitute an offer to sell or the
solicitation of an offer to buy the Notes, and there will not be
any sale of the Notes, in any jurisdiction in which such offer or
sale would be unlawful prior to registration or qualification under
the securities laws of any such jurisdiction. This press release is
being issued pursuant to, and in accordance with, Rule 135c under
the Securities Act.
ABOUT WOLVERINE WORLDWIDE
Founded in 1883 on the belief in the possibility of opportunity,
Wolverine World Wide, Inc. (NYSE:WWW) is one of the world’s leading
marketers and licensors of branded casual, active lifestyle, work,
outdoor sport, athletic, children'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’s portfolio includes
Sweaty Betty®, Merrell®, Saucony®, Sperry®, Hush Puppies®,
Wolverine®, Keds®, Chaco®, Bates®, HYTEST®, and Stride Rite®.
Wolverine Worldwide is also the global footwear licensee of the
popular brands Cat® and Harley-Davidson®. Based in Rockford,
Michigan, for more than 130 years, the Company's products are
carried by leading retailers in the U.S. and globally in
approximately 170 countries and territories.
FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements,
including statements regarding the Company’s use of proceeds of the
Notes offering. In addition, words such as “estimates,”
“anticipates,” “believes,” “forecasts,” “step,” “plans,”
“predicts,” “focused,” “projects,” “outlook,” “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: the effects of the COVID-19
pandemic on the Company’s business, operations, financial results
and liquidity, including the duration and magnitude of such
effects, which will depend on numerous evolving factors that the
Company cannot currently accurately predict or assess, including:
the duration and scope of the pandemic; the negative impact on
global and regional markets, economies and economic activity,
including the duration and magnitude of its impact on unemployment
rates, consumer discretionary spending and levels of consumer
confidence; actions governments, businesses and individuals take in
response to the pandemic; the effects of the pandemic, including
all of the foregoing, on the Company’s distributors, manufacturers,
suppliers, joint venture partners, wholesale customers and other
counterparties, and how quickly economies and demand for the
Company’s products recover after the pandemic subsides; 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; 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’s 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’s distributors, suppliers and
retailers; increases 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, 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’s 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’s 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’s
success in integrating acquired businesses, and implementing new
initiatives and ventures, including the Company’s acquisition of
the Sweaty Betty brand; 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’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 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.
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version on businesswire.com: https://www.businesswire.com/news/home/20210812005863/en/
Michael D. Stornant (616) 866-5728
Wolverine World Wide (NYSE:WWW)
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