2023-07-07 07:35:57 ET
- Wolverine World Wide ( NYSE: WWW ) temporarily amends its existing credit agreement dated July 31, 2012 to adjust maximum consolidated leverage ratio from 4.5x EBITDA to 4.875x EBITDA till the end of fiscal 2023.
- Financial covenant thresholds will revert to pre-existing levels under the agreement in the first quarter of fiscal 2024.
- Management said that the company will continue to expect benefits in 2H amid lower transitory supply chain costs, further savings from profit improvement initiatives, and ongoing reduction of inventories.
- Source: Press Release
For further details see:
Wolverine Worldwide temporarily amends credit agreement to enhance liquidity and financial flexibility