Wolverine World Wide Inc. in Rockford, Mich., announced today that the company’s board of directors approved a new four-year share-repurchase program, authorizing up to $300 million in share repurchases and replacing the remaining balance of the company’s 2014 share repurchase program.
“Wolverine Worldwide has a long history of returning value to shareholders through share repurchases and consistent dividend payments,” said Blake W. Krueger, chairman, CEO and president. “Today, the strategic priorities for the company remain unchanged, and our business model continues to work and generate significant cash. The Wolverine team is steadfastly focused on driving the global growth of our brands and improving bottom-line performance. Today’s announcement is further evidence or our confidence in the business, our key initiatives and our ability to achieve maximum flexibility with regard to capital allocation.”
The company will repurchase shares as deemed appropriate, based on factors including price, market conditions and any restrictions contained within the company’s credit agreements.
Wolverine has also announced that it will offer $250 million aggregate principal amount of senior notes due in 2026. The company said it will use the net proceeds from the offering, together with borrowings under its senior credit facility and cash on hand, to fund the redemption of its outstanding 6.125 percent senior notes due in 2020, and pay related fees and expenses.