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Goodyear extends $2 billion revolver to 2025; interest rate up 50 bps
By Wendy Van Sickle
Columbus, Ohio, April 15 – Goodyear Tire & Rubber Co. amended and restated its $2 billion first-lien revolving credit facility on April 9, extending its maturity to 2025, according to an 8-K filing with the Securities and Exchange Commission.
Further, the interest rate for loans under the facility increased by 50 basis points to Libor plus 175 basis points, based on Goodyear’s current liquidity. If available cash plus availability becomes less than or equal to $750 million, the margin over Libor will increase to 200 bps.
Up to $800 million in letters of credit and $50 million of swingline loans are available under the revolver.
There is a $250 million accordion feature.
JPMorgan Chase Bank, N.A. is the administrative agent.
The tire maker is based in Akron, Ohio.
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