Wolverine Worldwide Temporarily Amends Certain Financial Covenants To Improve Liquidity & Financial Flexibility
Portfolio Pulse from Shivani Kumaresan
Wolverine World Wide Inc (NYSE:WWW) has amended its existing Credit Agreement to adjust the maximum consolidated leverage ratio from 4.5x EBITDA to 4.875x EBITDA for the remainder of fiscal 2023. The company expects the amendment to provide near-term financial and operational flexibility. The financial covenant thresholds will revert to pre-existing levels in the first quarter of fiscal 2024. WWW shares traded higher by 0.88% at $14.40 on the last check Friday.
July 07, 2023 | 1:42 pm
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POSITIVE IMPACT
Wolverine World Wide Inc's amendment of its Credit Agreement is expected to provide near-term financial and operational flexibility. This news was positively received by the market, with shares trading higher.
The amendment of the Credit Agreement is a strategic move by Wolverine World Wide Inc to improve its financial flexibility amidst a challenging macroeconomic environment. This is likely to be viewed positively by investors, as reflected in the increase in the company's share price. The amendment is directly related to the company's financial management, making it highly relevant. The importance is significant as it impacts the company's financial strategy. The confidence in this analysis is high as the information is directly stated in the news.
CONFIDENCE 90
IMPORTANCE 75
RELEVANCE 100