Goodyear announces pricing of $1 billion of senior notes

Akron, OH – The Goodyear Tire & Rubber Company announced that it has priced its public offering of $550 million aggregate principal amount of senior notes due 2031 (the “2031 notes”) and $450 million aggregate principal amount of senior notes due 2033 (the “2033 notes,” and together with the 2031 notes, the “notes”). The notes will be senior unsecured obligations of the company.
The 2031 notes will be offered to the public at a price of 100% of their principal amount and will bear interest at a rate of 5.250% per annum. The 2033 notes will be offered to the public at a price of 100% of their principal amount and will bear interest at a rate of 5.625% per annum. Goodyear expects the offering to close on April 6, 2021, subject to customary closing conditions.
Goodyear intends to use the net proceeds from this offering, together with its current cash and cash equivalents, to redeem in full its outstanding $1 billion 5.125% senior notes due 2023 following, and subject to, the completion of this offering, at a redemption price equal to par plus accrued and unpaid interest to the redemption date.
Citigroup Global Markets Inc.; Barclays Capital Inc.; BNP Paribas Securities Corp.; BofA Securities, Inc.; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities Inc.; Fifth Third Securities, Inc.; Goldman Sachs & Co. LLC; J.P. Morgan Securities LLC; MUFG Securities Americas Inc.; PNC Capital Markets LLC; SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC are acting as the joint-bookrunning managers for the offering. BBVA Securities Inc.; BMO Capital Markets Corp.; Capital One Securities, Inc.; Citizens Capital Markets, Inc.; Huntington Securities, Inc.; KeyBanc Capital Markets Inc. and Regions Securities LLC are acting as co-managers for the offering.

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