AKRON — Goodyear is increasing the value of its recently issued 9.5% senior notes offer to $800 million with an additional $200 million issuance.
The additional offering will be priced at 101.75% of the principal amount, plus accrued and unpaid interest from May 18. Goodyear said it expects the offer to close on May 22. The notes pay interest twice a year and are due in 2025.
The Akron-based tire maker said earlier it intends to use the net proceeds from the expanded offer for general corporate purposes, which may include repaying or redeeming the company's outstanding 8.75% notes due Aug. 15.
Goodyear, which launched the $600 million offering on May 13.
Said it has approximately $282 million in aggregate principal amount of the 2020 Notes outstanding.