Goodyear Tire & Rubber Prices $900 Million Offering

The Goodyear Tire & Rubber Company GT disclosed that it priced its offering of $900 million aggregate principal amount of 10-year senior notes. According to the company, the notes would be senior unsecured obligations.

The Goodyear said it would offer to the public at a price of 100 percent of the principal amount. The Tire firm indicated that the Notes would carry an interest rate of 5.0 percent per annum. The company said it expects the offering to close on May 13, i.e. Friday, subject to customary closing conditions.

The company said it plans to use the net proceeds from the issue to redeem its $900 million 6.5 percent senior notes due 2021. It would also make use of the current cash and cash equivalents to fund the redemption of the Notes.

The joint book-running managers to the issue were Citigroup Global Markets Inc.; Barclays Capital Inc.; BNP Paribas Securities Corp.; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities Inc.; Goldman, Sachs & Co.; J.P. Morgan Securities LLC; HSBC Securities (USA) Inc.; Merrill Lynch, Pierce, Fenner & Smith Incorporated; and Wells Fargo Securities, LLC.