Goodyear refinances $2b revolving credit

The Goodyear Tire & Rubber Company has refinanced its US$2 billion asset-based revolving credit facility. The company has extended the maturity by five years to 2021 and reduced the interest rate for loans under the facility by 25 basis points to LIBOR plus 125 basis points.

“This refinancing action aligns with our ongoing capital structure actions,” said Laura K. Thompson, Goodyear Tire & Rubber’s executive vice-president and chief financial officer. “The company has no senior note or other term debt maturities in the US until 2019.”