Goodyear Announces Pricing of $700 Million of Senior Notes
AKRON, OH--February 24, 2012: The Goodyear Tire & Rubber Company today announced that it has priced its offering of $700 million aggregate principal amount of 10-year senior notes. The notes are senior unsecured obligations of the company. They will be sold at 100% of the principal amount and will bear interest at a rate of 7.0%. Goodyear expects the offering to close on February 28, 2012, subject to customary closing conditions.
Goodyear intends to use the net proceeds from this offering, together with current cash and cash equivalents, to redeem all of its $650 million in aggregate principal amount of its 10.5% senior notes due 2016.
Deutsche Bank Securities Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Goldman, Sachs & Co. and Wells Fargo Securities, LLC are acting as the joint book-running managers for the offering.
The offering was made under a shelf registration statement that was filed with the U.S. Securities and Exchange Commission and became automatically effective on August 10, 2010. The offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from:
Goodyear is one of the world's largest tire companies. It employs approximately 73,000 people and manufactures its products in 53 facilities in 22 countries around the world.