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Goodyear prices $1 billion of senior notes

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Goodyear Tire & Rubber Co. has priced its offering of $1 billion aggregate principal amount of seven-year notes. The notes will be senior unsecured obligations of the company.

They will be sold at 95.846% of the principal amount and will bear interest at a rate of 10.5%. Goodyear expects the offering to close on May 11, 2009, subject to customary closing conditions.

Goodyear intends to use the proceeds for general corporate purposes, which will include repayment on or prior to maturity of $500 million in aggregate principal amount of its senior floating rate notes due Dec. 1, 2009.

A shelf registration statement has been filed with the U.S. Securities and Exchange Commision.

 

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