From Tire Review Staff & Wire Reports
AKRON, OH --
Goodyear Tire & Rubber Co. announced that Goodyear Dunlop Tires Europe BV affiliate, a joint venture between Goodyear and Japan's Sumitomo Rubber Industries, has arranged a new pan-European accounts receivable securitization facility.
The facility, which is expected to be funded by year-end, will replace an existing one, worth approximately $110 million.
Initially, the financing facility will provide $220 million but has the ability to be expanded to $366 million. It has a term of five years, subject to customary annual renewal of back-up liquidity lines.
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