Goodyear public offering will target 'general corporate purposes'
Goodyear Tire & Rubber Co. intends to commence a public offering of approximately $500 million aggregate principal amount of seven-year senior notes.
The notes, subject to market and other customary conditions, will be senior unsecured obligations of the company.
Goodyear intends to use the net proceeds from this offering, together with current cash and cash equivalents and unused availability under its credit facilities, for general corporate purposes, which will include the repayment on or prior to maturity of $500 million in aggregate principal amount of its senior floating rate notes due Dec. 1, 2009.
J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co. will be joint book-running managers for the offering.
The offering will be made under an effective shelf registration statement filed with the U.S. Securities and Exchange Commission.