Wolverine Worldwide announced it has amended and extended the company’s senior secured credit facilities. The amended credit agreement consists of a $450 million term loan and a $500 million revolving credit facility, an overall facility increase of $300 million.

According to a related 8-K filing, the lender group was led by JPMorgan Chase as administrative agent and lender. Wells Fargo and MUFG Union Bank were shown as co-syndication agents and lenders.

In addition to increasing the overall size of the company’s borrowing capacity, the amended credit agreement extended the maturity date of the facilities, lowered the cost of the company’s debt, lowered cash required during the first three years, and increased flexibility with respect to stock repurchases and other restricted uses of cash.

“We are extremely pleased to complete this new facility with our lenders and thank them for their support,” commented Michael D. Stornant, Wolverine Worldwide’s senior vice president and CFO.

Rockford, MI-based Wolverine Worldwide is a marketer of branded casual, active lifestyle, work, outdoor sport, athletic, children’s and uniform footwear and apparel.