Goodyear Tire & Rubber Company announced its public offering of US$1 billion aggregate principal amount of 8-year senior notes. The notes will be senior unsecured obligations of the company. Issuance and sale of the notes is subject to market and other customary closing conditions.
Goodyear intends to use the net proceeds from this offering, together with current cash and cash equivalents, to redeem in full its US$1 billion in principal amount of 8.25% senior notes due 2020.
The offering will be made under a shelf registration statement that was filed with the U.S. Securities and Exchange Commission and became automatically effective on November 2, 2015.
Goldman, Sachs & Co., Barclays Capital Inc., BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., HSBC Securities (USA) Inc. and J.P. Morgan Securities LLC are acting as the joint book-running managers for the offering. Merrill Lynch, Pierce, Fenner & Smith Incorporated, Natixis Securities Americas LLC, UniCredit Capital Markets LLC and Wells Fargo Securities, LLC are acting as co-managers for the offering.