Like other U.S. companies in our sector and others, Wolverine Worldwide is resorting to a bond offering to help raise more cash as security against the impact of Covid-19. The company announced on May 6 that it is offering $300 million worth of senior notes due in 2025 to repay borrowings under its revolving credit facilities. The notes will yield interest of 6.375 percent. The announcement came after Standard & Poor’s downgraded Wolverine’s debt and unsecured notes because of the likely impact of Covid-19 on its results.
