AKRON (May 12, 2016) — Goodyear has priced its offering of $900 million aggregate principal amount of 10-year senior notes.
The notes will be senior unsecured obligations of the company, Goodyear said, and will be offered to the public at a price of 100 percent of the principal amount and will bear interest at a rate of 5 percent per annum. The company expects the offering to close on May 13, subject to customary closing conditions.
Akron-based Goodyear said it intends to use the net proceeds from the offering, together with current cash and cash equivalents, to redeem in full its $900 million aggregate principal amount of 6.5-percent senior notes due in 2021.
Firms acting as the joint book-running managers for the offering include: 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 L.L.C.; HSBC Securities (USA) Inc.; Merrill Lynch, Pierce, Fenner & Smith Inc.; and Wells Fargo Securities L.L.C.
Acting as co-managers for the offering are Natixis Securities Americas L.L.C.; Capital One Securities Inc.; Commerz Markets L.L.C.; Mitsubishi UFJ Securities (USA) Inc.; PNC Capital Markets L.L.C.; UniCredit Capital Markets L.L.C.; and U.S. Bancorp Investments Inc.
The offering was made under a shelf registration statement filed with the U.S. Securities and Exchange Commission and became automatically effective on Nov. 2, 2015, according to Goodyear.
The offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus, the tire maker said. Copies can be obtained from: Citigroup Global Markets Inc., in care of Broadridge Financial Solutions, 1155 Long Island Ave., Edgewood, NY 11717; phone: 800-831-9146; email: [email protected]; or Goodyear, Investor Relations Department, 200 Innovation Way, Akron, OH 44316; phone: 330-796-3751.