Goodyear Tire extends revolver, lowers commitments to €400 million

By Susanna Moon

Chicago, April 20 - Goodyear Tire & Rubber Co. said it amended its European revolving credit facility, reducing commitments to €400 million from €505 million and pushing out the maturity until 2016.

Loans under the amended facility will bear interest at Euribor plus 250 basis points.

The company also said that its European subsidiary Goodyear Dunlop Tires Europe BV sold €250 million principal amount of 6¾% senior notes due in 2019 at par. Proceeds will be used to repay drawdowns on the European revolving credit facility and for general corporate purposes.

Goodyear is an Akron, Ohio-based tire maker.

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