Wolverine Worldwide announced the planned issue to institutional investors of $550 million worth of new senior notes due in 2029 bearing annual interest of 4.000%. It will use the proceeds to redeem all its outstanding 6.375% notes due in 2026 and 5.000% notes due in 2026. The group said it would finance the transaction with cash on hand and its revolving credit line, like with its recently announced takeover of Sweaty Betty for an enterprise value of $410 million. Noting that the proposed refinancing would reduce the company’s annual interest expense by about $8 million, Moody’s assigned a Ba2 rating to the planned bond offer. It maintained its ratings for Wolverine’s debt, citing a stable outlook.