WWW Wolverine World Wide Inc

On October 21, 2021, Wolverine World Wide, Inc. (the “Company”) entered into a 2021 Replacement Facility Amendment and Reaffirmation Agreement (the “Amendment”) to its Credit Agreement, dated as of July 31, 2012 (as previously amended and restated as of October 10, 2013, as further amended and restated on July 13, 2015, as further amended as of September 15, 2016, as further amended and restated as of December 6, 2018, as further amended as of May 5, 2020, the “Credit Agreement”), among the Company, the Additional Borrowers party thereto, the Guarantors party thereto, JP Morgan Chase Bank, N.A., as administrative agent and as a lender, and the other lenders party thereto.

The Amendment amended and restated the Credit Agreement to, among other things: (i) provide for a term loan A facility (the “Term Facility”) in an aggregate principal amount of $200 million, which will replace the existing term loan facility under the Credit Agreement; (ii) provide for an increased revolving credit facility (the “Revolving Facility” and, together with the Term Facility, the “Senior Credit Facilities”) with total commitments of $1 billion, an increase of $200 million from the existing $800 million revolving credit facility; and (iii) set the LIBOR floor to 0%.

There was $310.0 million in principal amount of loans outstanding under the Revolving Facility at closing and approximately $5.9 million of existing letters of credit remained issued under the Revolving Facility at closing.

Loans under the Senior Credit Facilities bear interest at a variable rate equal to either (i) the applicable base rate or (ii) LIBOR, plus in each case an interest margin determined by the Company’s net total leverage ratio, with a range of base rate margins from 0.125% to 1.000%, and a range of LIBOR margins from 1.125% to 2.000%. Commitment fees for unused Revolving Facility capacity are at a rate (also based on net total leverage) ranging from 0.150% to 0.300%.

The maturity date of the loans under the Senior Credit Facilities was extended to October 21, 2026.

Certain other changes were made to the terms of the Senior Credit Facilities, including changes providing greater flexibility to the Company with respect to certain covenants.

The foregoing summary is qualified in its entirety by reference to the complete text of the Amendment, a copy of which is filed herewith as Exhibit 10.1 and incorporated herein by reference.