Wolverine World Wide Inc. (WWW) completed its debt refinancing activities on September 15, 2016, including the amendment of its senior credit facility and the redemption of its 6.125 percent senior notes due 2020.

The resulting capital structure is expected to meaningfully benefit the company, with estimated interest savings of $30 million through 2020 and more flexibility as a result of more favorable terms for use of cash. Coupled with the recently announced four-year, $300 million share repurchase program, the new capital structure is expected to allow for greater capacity to repurchase shares beginning in 2016, as deemed appropriate, drive organic growth or fund future acquisitions.

The completed refinancing included the following activities:

  • Redemption of $375 million of 6.125 percent senior notes due 2020.
  • Issuance of $250 million of 5.000 percent senior notes due 2026.
  • Amendment of the company’s senior credit facility, which will provide $150 million of incremental term loans and $100 million of incremental revolving credit facility.

“We expect to continue to consistently generate significant cash and, as a result of our refinancing efforts, we are better positioned to return more of this value to shareholders,” said Mike Stornant, senior vice president and CFO.  “Further, we remain confident in the business’ direction and our strategic initiatives, focused on driving the global growth of our brands and improving bottom-line performance going forward.”