Published on 12/9/2015 in the Prospect News High Yield Daily.
New Issue: Goodyear Dunlop prices €250 million 3¾% eight-year notes at par
By Paul A. Harris
Portland, Ore., Dec. 9 – Goodyear Tire & Rubber Co. priced a €250 million issue of eight-year senior notes (Ba1/BB/BB) at par to yield 3¾% on Wednesday, according to a market source.
The yield printed on top of final yield talk and 25 basis points beneath the tight end the 4% to 4¼% original price talk.
Joint bookrunner Deutsche Bank will bill and deliver. BNP Paribas, BofA Merrill Lynch, Credit Agricole CIB, Goldman Sachs International, JPMorgan and Wells Fargo are also joint bookrunners.
The Akron, Ohio-based tire company intends to issue the notes via its European subsidiary, Goodyear Dunlop Tires Europe BV.
Proceeds, together with cash and cash equivalents, will be used to redeem in full €250 million of Goodyear Dunlop’s 6¾% senior notes due 2019.
| Issuer: | Goodyear Dunlop Tires Europe BV
|
| Amount: | €250 million
|
| Maturity: | Dec. 15, 2023
|
| Securities: | Senior notes
|
| Bookrunners: | Deutsche Bank (bill and deliver), BNP Paribas, BofA Merrill Lynch, Credit Agricole CIB, Goldman Sachs, JPMorgan, Wells Fargo
|
| Coupon: | 3¾%
|
| Price: | Par
|
| Yield: | 3¾%
|
| Spread: | 344 bps
|
| Call: | Make-whole call at Bunds plus 50 bps until Dec. 15, 2018, then callable at 101.875
|
| Trade date: | Dec. 9
|
| Settlement date: | Dec. 15
|
| Ratings: | Moody's: Ba1
|
| Standard & Poor's: BB
|
| Fitch: BB
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 3¾%, revised from 4% to 4¼%
|
| Marketing: | Roadshow
|
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