Wolverine Worldwide completed a debt refinancing program on Sept. 15, allowing the company to save about $30 million worth of interest payments through 2020 and giving it more flexibility in the use of cash. It will also make it easier to repurchase company shares under a recently announced $300 million stock buy-back program. In the new refinancing deal, Wolverine redeemed $375 million worth of 6.125 percent senior notes due in 2020 and issued $350 million worth of 5.000 percent senior notes due in 2026. The company's senior credit facility calls for $150 million in incremental term loans and $100 million in incremental revolving credit.
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