Wolverine World Wide Inc.
12/12/2024 | Press release | Distributed by Public on 12/12/2024 06:31
Material Agreement Form 8 K
| Item 1.01 |
Entry Into a Material Definitive Agreement.
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On December 6, 2024, Wolverine World Wide, Inc. (the "Company") voluntarily reduced the commitment under the revolving credit facility included in the Company's Credit Agreement with JPMorgan Chase Bank, N.A., as administrative agent, and the lenders party thereto, from $1 billion to $800 million (the "Commitment Reduction"), as permitted under the Credit Agreement. The Commitment Reduction was effective as of December 11, 2024. A formal amendment to the Credit Agreement was not required to effect the Commitment Reduction.
Management of the Company believes $800 million in borrowing capacity under the revolving credit facility is sufficient to support the Company's business in light of the divestitures completed by the Company in 2023 and 2024. The Commitment Reduction will reduce the Company's unused commitment fees and is not expected to have any effect on the Company's operations or leverage.
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