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Goodyear Announces Pricing Of $1.45B Of Senior Notes

The notes are being offered in connection with the planned Cooper Tire acquisition.

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The Goodyear Tire & Rubber Co. has priced its private offering to eligible purchasers of $850 million aggregate principal amount of senior notes due 2029 and $600 million aggregate principal amount of senior notes due 2031. The notes will be senior unsecured obligations of the company. 

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The 2029 notes will be offered to eligible purchasers at a price of 100% of their principal amount and will bear interest at a rate of 5.000% per annum. The 2031 notes will be offered to eligible purchasers at a price of 100% of their principal amount and will bear interest at a rate of 5.250% per annum. Goodyear expects the offering to close on May 18, 2021, subject to customary closing conditions.

Goodyear intends to use the net proceeds from this offering, together with cash on hand and borrowings under its revolving credit facility, to fund the cash portion of the consideration for the acquisition of Cooper Tire & Rubber Co. and to pay fees and expenses in connection with the acquisition and other transactions related thereto.

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