Wolverine World Wide Inc. filed SEC Form 8-K: Entry into a Material Definitive Agreement
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Shoe Manufacturing
Consumer Discretionary
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
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FORM 8-K
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CURRENT REPORT
Pursuant to Section 13 or 15(d) of The Securities Exchange Act of 1934
Date of Report (Date of earliest event reported): December 12, 2024 (December 6, 2024 )
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WOLVERINE WORLD WIDE, INC. | ||
| (Exact name of registrant as specified in its charter) | ||
| (State or other jurisdiction of incorporation) | (Commission File Number) | (IRS Employer Identification No.) | ||||||||||||
| , | , | |||||||||||||||||||
| (Address of principal executive offices) | (Zip Code) | |||||||||||||||||||
Registrant’s telephone number, including area code: (616) 866-5500
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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):
Securities registered pursuant to Section 12(b) of the Act: | ||||||||
| Title of each class | Trading symbol | Name of each exchange on which registered | ||||||
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. | ||||
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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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: December 12, 2024 | WOLVERINE WORLD WIDE, INC. (Registrant) | ||||
| /s/ Taryn L. Miller | |||||
| Taryn L. Miller | |||||
| Chief Financial Officer and Treasurer | |||||
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