Goodyear Announces Pricing of $1 Billion of Senior Notes
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AKRON, Ohio, May 6, 2009 -- The Goodyear Tire & Rubber Company today announced that it has priced its offering of $1 billion aggregate principal amount of 7-year senior notes. The notes will be senior unsecured obligations of the company. They will be sold at 95.846% of the principal amount and will bear interest at a rate of 10.5%. Goodyear expects the offering to close on May 11, 2009, subject to customary closing conditions.
The offering was increased from a previously announced offering size of $500 million.
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 December 1, 2009.
J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co. served as joint book-running managers for the offering.
A shelf registration statement was filed with the U.S. Securities and Exchange Commission and became automatically effective upon filing on May 5, 2009. The offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from:
J.P. Morgan Securities Inc. Citigroup Global Markets Inc. Syndicate Desk - Michael Rutherford David Lewis 270 Park Ave. 390 Greenwich St., 1st Floor New York, NY 10017 New York, NY 10017 telephone: 800-245-8812 telephone: 212-723-6020 Deutsche Bank Securities Inc. Goldman, Sachs & Co. Meirav Azoulay Prospectus Department 60 Wall Street, 2nd Floor 85 Broad St. New York, NY 10005 New York, NY 10004 telephone: 212-250-7902 telephone: 212-902-9316 The Goodyear Tire & Rubber Company Investor Relations Department 1144 E. Market St. Akron, OH 44316 telephone: 330-796-3751
