BRUSSELS — Goodyear Europe B.V. is looking to raise up to $470 million in new capital via a private offering of unsecured senior notes due 2028, the tire maker said Sept. 20.
The notes will be senior unsecured obligations of Goodyear Europe and will be guaranteed on a senior unsecured basis by Goodyear and certain of its wholly owned U.S. and Canadian subsidiaries.
Purchasers of the notes will earn interst of 2.75% per annum, Goodyear said. The offer is expected to close Sept. 28.
Goodyear Europe intends to use proceeds from the notes to redeem in full a tranche of 3.75% senior notes coming due in 2023.
Any remaining proceeds will be used for Goodyear Europe's general corporate purposes, which may include repayment of outstanding borrowings under revolving credit facilities, the company said.