Goodyear Announces Pricing of $700 Million of Senior Notes
The Goodyear Tire & Rubber Company (NYSE: GT) 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.
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