Goodyear announces pricing of $1.45 billion of senior notes in connection with planned Cooper Tire acquisition

Akron, OH – Goodyear Tire & Rubber Company announced it has priced its private offering to eligible purchasers of $850 million aggregate principal amount of senior notes due 2029 and $600 million aggregate principal amount of senior notes due 2031. The notes will be senior unsecured obligations of the company.
The 2029 notes will be offered to eligible purchasers at a price of 100 percent of their principal amount and will bear interest at a rate of 5.000 percent per year. The 2031 notes will be offered to eligible purchasers at a price of 100 percent of their principal amount and will bear interest at a rate of 5.250 percent per year. Goodyear expects the offering to close on May 18, subject to customary closing conditions.
Goodyear intends to use the net proceeds from this offering, together with cash on hand and borrowings under its revolving credit facility, to fund the cash portion of the consideration for the acquisition of Cooper Tire & Rubber Company and to pay fees and expenses in connection with the acquisition and other transactions related thereto.
The notes have not been registered under the Securities Act of 1933, as amended, or any applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state laws. Goodyear plans to offer and issue the notes only to qualified institutional buyers pursuant to Rule 144A and to persons outside the United States pursuant to Regulation S, in each case under the Securities Act.

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