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You are here: Home1 / News2 / Company News3 / Goodyear to redeem $650m in senior notes

Goodyear to redeem $650m in senior notes

Date: 29th February 2012 Author: Tyrepress Editors Comments: 0

On 28 February Goodyear Tire & Rubber called for the redemption on 29 March 2012 of all its outstanding US$650 million 10.5 per cent senior unsecured notes due 2016. The redemption price will be 107.875 per cent of the principal amount being redeemed on the date of redemption, plus the interest payment amount scheduled for 15 May 2012 (less accrued and unpaid interest to 29 March 2012), computed using a discount rate equal to the yield of a comparable US Treasury security plus 0.50 per cent. In addition, holders will receive accrued and unpaid interest to 29 March 2012.

Goodyear intends to use the net proceeds from its $700 million offering of 7.0 per cent senior notes due 2022, which closed on 28 February, together with current cash and cash equivalents, for the redemption. The company says the transactions will result in interest expense savings of approximately $25 million in 2013. Goodyear continues to expect interest expense to range between $360 million and $385 million for 2012.

Related news:

  1. Goodyear Announces Proposed Senior Note Offering
  2. Goodyear Offers $900 Million in Senior Notes
  3. Goodyear Prices Additional $100 Million of 8.25% Senior Notes
  4. Goodyear reports record sales and a Q1 profit
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