WWW cuts revolver to $600M, eliminates Term Loan A, extends debt to 2030

Rhea-AI Filing Summary

Wolverine World Wide amended its credit arrangements and receivables purchase agreement in late September 2025. The company replaced its prior credit facilities with a $600 million revolving Senior Credit Facility (down from $800 million) and eliminated the existing Term Loan A; $25.0 million of Term Loan A outstanding at closing was refinanced into the new revolver. Loans under the Senior Credit Facility bear interest at either a base rate or SOFR plus a leverage-based margin (base rate margin 0.25%–1.25%; LIBOR margin 1.25%–2.25%) and unused-commitment fees of 0.20%–0.40%. The Senior Credit Facility maturity was extended to September 24, 2030. Separately, the company’s Receivables Purchase Agreement was amended to set the Scheduled Termination Date at September 25, 2028. The filing notes customary covenants, representations and events of default; full agreements will be filed as exhibits to the company’s quarterly report.

Positive

• Extended maturity of the Senior Credit Facility to September 24, 2030, lengthening the company’s committed financing runway
• Elimination of Term Loan A and refinancing of $25.0 million into the revolver, simplifying the debt structure
• Receivables Purchase Agreement amended to set Scheduled Termination Date at September 25, 2028

Negative

• Reduced revolver capacity from $800 million to $600 million, decreasing available committed liquidity

Insights

Credit Analyst

TL;DR: Debt structure simplification and maturity extension, with a smaller revolver and leverage‑based pricing.

The amendment reduces revolving commitments from $800 million to $600 million while eliminating the Term Loan A and refinancing $25.0 million of outstanding term debt into the new revolver. Extending the senior facility maturity to September 24, 2030 lengthens the company’s secured financing runway. Interest pricing is variable and tied to net total leverage, with base rate margins of 0.25%–1.25% and LIBOR margins of 1.25%–2.25%, and unused commitment fees of 0.20%–0.40%. These are standard covenant and default terms for this financing type. The receivables facility Scheduled Termination Date was set to September 25, 2028.

Corporate Finance Specialist

TL;DR: The company streamlined its capital structure by removing the term loan and extending maturities, while reducing available revolver capacity.

Eliminating Term Loan A and rolling $25.0 million into the senior revolver simplifies debt instruments and consolidates financing under a single senior facility. The five‑year maturity extension to 2030 provides longer-term liquidity visibility, while pricing tied to net leverage creates direct linkage between covenant performance and interest cost. The receivables agreement amendment formalizes the termination timeline to 2028. Full text of the amendments will clarify covenant specifics and any potential financial maintenance tests.

WOLVERINE WORLD WIDE INC /DE/9/24/20250000110471falseSeptember 24, 202500001104712025-09-242025-09-24

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

________________________________________________

FORM 8-K

________________________________________________

CURRENT REPORT

Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934

Date of Report (Date of earliest event reported): September 30, 2025 (September 24, 2025)

________________________________________________  

WOLVERINE WORLD WIDE, INC.

(Exact name of registrant as specified in its charter)

Delaware

001-06024

38-1185150

(State or other jurisdiction of incorporation)

(Commission File Number)

(IRS Employer Identification No.)

9341 Courtland Drive N.E.

,

Rockford

,

Michigan

49351

(Address of principal executive offices)

(Zip Code)

Registrant’s telephone number, including area code: (616) 866-5500

________________________________________________

Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the registrant under any of the following provisions (see General Instruction A.2. below):

☐    Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)

☐    Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)

☐    Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))

☐    Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

Securities registered pursuant to Section 12(b) of the Act:
Title of each class			Trading symbol			Name of each exchange on which registered
Common Stock, $1 Par Value			WWW			New York Stock Exchange

Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).

Emerging growth company ☐

If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ¨ 

Item 1.01 Entry into a Material Definitive Agreement.

Credit Agreement Amendment

On September 24, 2025, Wolverine World Wide, Inc. (the “Company”) entered into a 2025 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, as further amended and restated as of October 21, 2021, as further amended on April 10, 2023, as further amended on June 30, 2023 and as further amended on December 21, 2023, the “Credit Agreement”), among, inter alia, the Company, 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 revolving credit facility (the “Senior Credit Facility”) with total commitments of $600 million, reduced from the existing $800 million revolving credit facility, which the Company believes is sufficient to meet the Company’s ongoing capital needs and (ii) eliminate the existing term loan A facility.

Additionally, there were $25.0 million in principal amount of loans outstanding under the existing term loan A facility at closing that were refinanced with the proceeds of the Senior Credit Facility.

Loans under the Senior Credit Facility bear interest at a variable rate equal to either (i) the applicable base rate or (ii) SOFR, plus in each case an interest margin determined by the Company’s net total leverage ratio, with a range of base rate margins from 0.25% to 1.25%, and a range of LIBOR margins from 1.25% to 2.25%. Commitment fees for unused Senior Credit Facility capacity are at a rate (also based on net total leverage) ranging from 0.20% to 0.40%.

The maturity date of the loans under the Senior Credit Facility was extended to September 24, 2030.

The Amendment contains customary representations and warranties, affirmative and negative covenants and events of default for financings of this type.

Receivables Purchase Agreement Amendment

On September 25, 2025, the Company entered into the Fourth Amendment (the “Receivables Purchase Agreement Amendment”) to its Receivables Purchase Agreement, dated as of December 7, 2022 (as previously amended, the “Receivables Purchase Agreement”), among Rockford ARS, LLC, as seller, the Company, as initial master servicer, and Bank of America, N.A., as a purchaser, and Wells Fargo Bank, N.A., as administrative agent and a purchaser.

The Receivables Purchase Agreement Amendment provided for the following:

1.Section 1.1 of the Receivables Purchase Agreement was amended to revise the definition of “Scheduled Termination Date” to the following:

“Scheduled Termination Date” means September 25, 2028.

The foregoing summaries are not complete descriptions and are qualified in their entirety by reference to the complete text of the Credit Agreement Amendment and the Receivables Purchase Agreement Amendment, as applicable, copies of which will be filed as exhibits to the Company’s Quarterly Report on Form 10-Q for the fiscal quarter ended September 27, 2025.

2

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.

Dated: September 30, 2025			WOLVERINE WORLD WIDE, INC. (Registrant)
			/s/ Taryn L. Miller
			Taryn L. Miller
			Chief Financial Officer and Treasurer

3

FAQ

What change did Wolverine World Wide (WWW) make to its revolving credit facility?

The company replaced its prior revolver with a $600 million Senior Credit Facility, down from the prior $800 million facility.

Was any term loan refinanced in the amendment?

Yes. $25.0 million of outstanding principal under the existing Term Loan A was refinanced with proceeds of the Senior Credit Facility.

When does the new Senior Credit Facility mature?

The maturity date for loans under the Senior Credit Facility was extended to September 24, 2030.

How is interest calculated under the Senior Credit Facility?

Loans bear interest at either a base rate or SOFR plus a margin tied to net total leverage: base rate margins 0.25%–1.25%; LIBOR margins 1.25%–2.25%.

What are the unused-commitment fees on the Senior Credit Facility?

Commitment fees for unused capacity range from 0.20% to 0.40%, based on net total leverage.

What change was made to the Receivables Purchase Agreement?

The Fourth Amendment revised the definition of the Scheduled Termination Date to September 25, 2028.