Wolverine Worldwide has raised its senior secured credit facility by $300 million to $950 million, comprising a term loan of $450 million and a $500 million revolving credit. The new credit agreement negotiated with company's lenders also extends the maturity date of the facility. It lowers the cost of servicing the company's debt and the cash required in the next three years. It provides for a more flexible use of cash for the repurchase of shares and other purposes, including possible new acquisitions.
Related articles
-
ArticleSchoeller to close Swiss production facility due to rising costs
Due to economic pressure, the Swiss textile manufacturer will reportedly close its site in Sevelen, affecting several employees as production is moved abroad.
-
News briefsGreen Theme Technologies secures $6m for expansion
The US sustainable textile and materials science company raised funding to advance eco-friendly technologies for various high-performance markets.
-
ArticleAccell Group secures creditor support for recapitalization
The company’s creditors approved the restructuring plan, paving the way for recapitalization implementation.