Business
Goodyear Announces Pricing Of $600 Million Of Senior Notes
AKRON, Ohio, May 13, 2020 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced that it has priced its offering of $600 million
About this update from The Goodyear Tire & Rubber Company
[{"type":"text","content":"AKRON, Ohio, May 13, 2020 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced that it has priced its offering of $600 million aggregate principal amount of 5-year senior notes. The notes will be senior unsecured obligations of the company. \n\n \n \n \n \n \n \n\n \nThe notes will be offered to the public at a price of 100% of their principal amount and will bear interest at a rate of 9.5% per annum. Goodyear expects the offering to close on May 18, 2020, subject to customary closing conditions.\nGoodyear intends to use the net proceeds from this offering for general corporate purposes, which may include repaying or redeeming the company's outstanding 8.75% Notes due 2020 (the \"2020 Notes\") at or prior to their maturity of August 15, 2020. Currently, there is approximately $282 million in aggregate principal amount of the 2020 Notes outstanding. Pending the use of proceeds as described above, a portion of the net proceeds from this offering may be temporarily applied to repay outstanding balances under the company's revolving credit facilities. \nGoldman Sachs & Co. LLC; Barclays Capital Inc.; BNP Paribas Securities Corp.; BofA Securities, Inc.; Citigroup Global Markets Inc.; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities Inc.; J.P. Morgan Securities LLC; and Wells Fargo Securities, LLC are acting as the joint book-running managers for the offering. BBVA Securities Inc.; Banco Bradesco BBI S.A.; MUFG Securities Americas Inc.; Natixis Securities Americas LLC; PNC Capital Markets LLC; SMBC Nikko Securities America, Inc.; and UniCredit Capital Markets LLC are acting as co-managers for the offering. \nThe offering was made under an effective shelf registration statement that was filed with the U.S. Securities and Exchange Commission and became automatically effective on May 13, 2020. \nThe offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from: \nGoldman Sachs & Co. LLC \nThe Goodyear Tire & Rubber Company\nProspectus Department \nInvestor Relations Department\n200 West Street \n200 Innovation Way\nNew York, NY 10282 \nAkron, OH 44316\nTelephone: 866-471-2526 \nTelephone: 330-796-3751\nThis news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any ...