Goodyear announces pricing of €250M European notes
Goodyear Tire & Rubber subsidiary Goodyear Dunlop Tires Europe B.V. (GDTE) has priced a private offering of €250 million aggregate principal amount of senior notes due 2023. The notes will be offered by GDTE at a price of 100 per cent of their principal amount and will bear interest at a rate of 3.75 per cent per annum. Goodyear expects this offering to close on 15 December 2015, subject to customary closing conditions. The notes will be senior unsecured obligations of GDTE and will be guaranteed on a senior unsecured basis by Goodyear and certain of its wholly-owned US and Canadian subsidiaries that also guarantee Goodyear’s obligations under certain of its senior secured credit facilities and senior unsecured notes.
GDTE intends to use the net proceeds from this offering, together with its current cash and cash equivalents, to redeem in full €250 million aggregate principal amount of its 6.75 per cent senior notes due 2019.
The notes are being offered in a private placement to qualified institutional investors in the United States in accordance with Rule 144A under the Securities Act of 1933, as amended, and to persons outside the United States in accordance with Regulation S under the Securities Act. The offering and sale of the notes were not, and will not be, registered under the Securities Act or any state securities laws, and the notes may not be offered or sold in the United States absent registration or an applicable exemption from registration requirements. This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes or any other securities, nor shall there be any offer, solicitation or sale of the notes or any other securities in any state or other jurisdiction in which such an offer, solicitation or sale would be unlawful.