AKRON (May 6, 2009) — Goodyear will begin a public offering of seven-year senior notes in the aggregate principal amount of $500 million, subject to market and other customary conditions.
The notes will be senior unsecured obligations of the company. The Akron-based tire maker said it intends to use the net proceeds from the offering—together with current cash and cash equivalents and unused availability under its credit facilities—for general corporate purposes.
Those purposes will include the repayment on or prior to maturity of $500 million in the aggregate principal amount of its senior floating rate notes due Dec. 1.
J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co. will be joint book-running managers for the offering, Goodyear said.