22 May 2020
Tire maker intends to use proceeds from the expanded offer for general corporate purposes
Akron, Ohio – Goodyear is increasing the value of its recently issued 9.5% senior notes offer to $800 million (€732 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 18 May. Goodyear said it expects the offer to close on 22 May. 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 15 Aug.
Goodyear, which launched the $600 million offering on 13 May, said it has approximately $282 million in aggregate principal amount of the 2020 notes outstanding.
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