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Goodyear prices additional $200 million of 9.5 percent senior notes

  5/22/2020 - Akron, OH - The Goodyear Tire & Rubber Company announced that it has priced its offering of an additional $200 million aggregate principal amount of its 9.500 percent senior notes due May 31, 2025. The notes will be senior unsecured obligations of the company. The notes will be offered to the public at a price of 101.75 percent of their principal amount, plus accrued and unpaid interest from May 18. Goodyear expects the offering to close on May 22, subject to customary closing conditions. The offering, together with the company’s previously completed issuance of $600 million of 9.500 percent senior notes due 2025, increases the total aggregate principal amount of these 9.500 percent senior notes due 2025 to $800 million. Goodyear intends to use the net proceeds from this offering, together with the net proceeds of the previously completed issuance of $600 million of 9.500 percent senior notes due 2025, for general corporate purposes, which may include repaying or redeeming the company’s outstanding 8.75 percent notes due 2020 (2020 notes) at or prior to their maturity of August 15. Currently, there is approximately $282 million in aggregate principal amount of the 2020 notes outstanding. Pending the use of proceeds as described above, a portion of the net proceeds from this offering may be temporarily applied to repay outstanding balances under the company’s revolving credit facilities. Goldman Sachs & Co. LLC; Barclays Capital Inc.; BNP Paribas Securities Corp.; BofA Securities, Inc.; Citigroup Global Markets Inc.; Credit Agricole Securities (USA) Inc.; Deutsche Bank Securities Inc.; J.P. Morgan Securities LLC; and Wells Fargo Securities, LLC are acting as the joint book-running managers for the offering. BBVA Securities Inc.; Banco Bradesco BBI S.A.; MUFG Securities Americas Inc.; Natixis Securities Americas LLC; PNC Capital Markets LLC; SMBC Nikko Securities America, Inc.; and UniCredit Capital Markets LLC are acting as co-managers for the offering.

Friday, March 5, 2021

Twin Cities Rubber Group announces free virtual technical meeting on HNBR curing - click to expand

Milestar introduces Weatherguard AS710 Sport all-season tire - click to expand

USW denounces Giti Tire for laying off 100 workers in South Carolina - click to expand

Goodyear, EASE Logistics create pilot program for cloud based tire technology - click to expand

Smithers moves into new building in Suzhou, China, expanding it tire, wheel and product testing operations - click to expand

Goodyear announces leadership changes to coincide with acquisition of Cooper Tire - click to expand

Thursday, March 4, 2021

Global adhesive and sealant market forecast at $83 billion by 2026 - click to expand

Rubber and tire industry webinars organized by KnowHow Webinars - click to expand

Smithers cancels planned corporate headquarters move - click to expand

Specialty Silicone Products announces EMI silicones for ADAS and advanced automotive applications - click to expand

Rubber Division extends deadline for scholarship applications - click to expand

Wacker Polymers announces global price increase for dispersions, resins and dispersible polymer powders - click to expand

Wednesday, March 3, 2021

Cabot expands capabilities at Malaysian manufacturing facility - click to expand

U.S manufacturing activity increases 2.1 percent in February - click to expand

Gelest founder Barry Arkles elected to National Academy of Engineering - click to expand

Michelin announces price increase for Michelin, BFGoodrich and Uniroyal passenger and light truck tires - click to expand

Federal district judge dismisses lawsuit against Denka Performance Elastomer in Louisiana - click to expand

USTMA forecasts increased tire shipments for 2021 - click to expand

Tuesday, March 2, 2021

KraussMaffei is selling its subsidiary, KraussMaffei Austria, to Luger GmbH - click to expand

Michelin launches Pilot Sport EV tire for electric sport vehicles - click to expand

ARPM announces 2021 Environmental Health and Safety (EHS) Summit - click to expand

Global rubber molding market size expected to reach $51.42 billion by 2026 - click to expand

BFGoodrich Tires launches Advantage Control tire for passenger cars, crossovers and minivans - click to expand

Cooper Tire recalls more than 430,000 light truck tires in the U.S. - click to expand

Monday, March 1, 2021

Arburg releases 2020 sustainability report - click to expand

Goldsmith & Eggleton introduces raw materials handling line - click to expand

Andrew Alaya promoted to Davis-Standard vice president, aftermarket sales - click to expand

Goodyear names Christopher P. Helsel senior vice president, global operations and chief technology officer - click to expand

Arkema reports full year 2020 financial results - click to expand

Bridgestone, Arlanxeo and Solvay co-develop Techsyn tire technology - click to expand

Market Reports

Medical grade silicone tube market forecast at $18.5 billion by 2027 - click to expand

U.S manufacturing activity increases 2.1 percent in February - click to expand

Global adhesive and sealant market forecast at $83 billion by 2026 - click to expand

Global rubber molding market size is expected to reach $51.42 billion by 2026 - click to expand

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