Goodyear Tire & Rubber Co. has priced its offering of an additional $100 million aggregate principal amount of its 8.25% senior notes due Aug. 15, 2010.
The notes will be senior unsecured obligations of the company and will be sold at 100.75% of the principal amount, according to Goodyear officials. The tiremaker expects the offering to close on Aug. 25, subject to customary closing conditions.
“The offering, together with the company’s previously announced issuance of $900 million of 8.25% senior notes due 2020, increases the total aggregate principla amount of these of 8.25% senior notes due 2010 to $1 billion.”
Goodyear intends to use proceeds to redeem $260 million in principal amount “of its outstanding of 9% senior notes due 2015.”
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Source: Modern Tire Dealer