AKRON (Feb. 21, 2013) — Goodyear has priced its offering of $900 million aggregate principal amount of 8-year senior notes, which are senior unsecured obligations of the company.
The Akron-based tire manufacturer said the notes will be sold at 100 percent of the principal amount and will bear interest at a rate of 6.5 percent. Goodyear expects the offering to close on Feb. 25, subject to customary closing conditions.
The offering was increased from a previously announced offering size of $750 million, Goodyear said, and it intends to use the net proceeds from this offering to fund discretionary contributions to its frozen U.S. pension plans and, to the extent not used for such purposes, for general corporate purposes.
Goldman, Sachs & Co., Barclays Capital Inc., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., J.P. Morgan Securities L.L.C. and Morgan Stanley & Co. L.L.C. are acting as the joint book-running managers for the offering, Goodyear said.
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 Aug. 10, 2010. The offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from: Goldman, Sachs & Co., Prospectus Department, 200 West St.; New York, NY, 10282; 866-471-2526; [email protected]; Goodyear, Investor Relations Department, 1144 E. Market St., Akron, OH, 44316, 330-796-3751.