Moody's rates Wolverine notes Ba2

Moody's Investors Service said it assigned a Ba2 to Wolverine World Wide, Inc.'s proposed senior unsecured notes.

Wolverine plans to use proceeds to pay down a portion of borrowings under its revolving credit facility. Wolverine also intends to use a portion of the proceeds from a new unrated incremental 364-day secured term loan to further repay revolver debt.

Concurrently, Moody's affirmed the company's Ba1 corporate family rating, the Ba1-PD probability of default rating and the Ba2 senior unsecured notes rating. The speculative-grade liquidity rating remains SGL-2, and the outlook remains negative.

“The affirmation reflects the liquidity benefits of the proposed transaction and continuing efforts to reduce costs and manage cash flow during the coronavirus pandemic,” said Moody’s in a press release.

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