Wolverine whispers $250 million 10-year notes with low 5% yield; pricing Tuesday

By Paul A. Harris

Portland, Ore., Aug. 16 – Wolverine World Wide, Inc. plans to price a $250 million offering of 10-year senior notes on Tuesday, according to market sources.

Initial guidance has the deal coming with a yield in the low 5% context, an investor said.

J.P. Morgan Securities LLC, Wells Fargo Securities LLC and HSBC are the joint bookrunners for the Rule 144A and Regulation S offering.

The notes come with five years of call protection.

The Rockford, Mich.-based marketer of branded footwear and apparel plans to use the proceeds, together with borrowings under its senior credit facility and cash on hand, to redeem the 6 1/8% senior notes due 2020.

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