Goodyear brings €300 million seven-year senior notes; early guidance 3%-3¼%

By Paul A. Harris

Portland, Ore., Sept. 20 – Akron, Ohio-based tire-maker Goodyear came to the euro-denominated primary market on Monday with a €300 million offering of seven-year senior notes (expected ratings Ba3/BB-/BB-), according to market sources.

The deal, which was being shopped early Monday on conference calls with fixed income investors, is in the market with initial guidance that has it coming to yield 3% to 3¼%.

Left bookrunner BNP Paribas will bill and deliver. Barclays, Credit Agricole and Deutsche Bank are the senior joint bookrunners. BofA, Citigroup, JPMorgan, MUFG, UniCredit and Wells Fargo are the joint bookrunners.

BBVA, Commerz and SMBC are the co-managers.

The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.

The issuing entity will be Goodyear Europe BV.

Proceeds will be used to refinance the €250 million 3¾% notes due 2023 and for general corporate purposes.

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