Goodyear Tire & Rubber Co. has commenced a public offering of $750 million aggregate principal amount of 10-year senior notes, subject to market and other customary conditions. The notes will be senior unsecured obligations of the company.
Goodyear says it intends to use the net proceeds from this offering, together with its current cash and cash equivalents and unused availability under its credit facilities, to redeem the following:
1. $325 million in principal amount of 8.625% senior notes due 2011; and
2. approximately $388 million in principal amount of 7.857% notes due 2011.
"Goodyear intends to use any remaining net proceeds for general corporate purposes, which may include the repayment of other outstanding indebtedness."
Deutsche Bank Securities Inc., Barclays Capital Inc. and Morgan Stanley & Co. Inc. will be joint book-running managers for the offering, which will be made under an effective shelf registration statement filed with the United States Securities and Exchange Commission.
Copies of the prospectus and the prospectus supplement relating to the offering may be obtained from Deutsche Bank ([email protected]), Barclays ([email protected]), Morgan Stanley ([email protected]) or Goodyear.
"This news release shall not constitute an offer to sell or the solicitation of an offer to buy nor shall there be any sale of these securities in any jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction," adds Goodyear.
