Goodyear to repay term and revolver debt with bond sale proceeds

By Sara Rosenberg

New York, Feb. 12 - The Goodyear Tire & Rubber Co. plans to prepay its U.S. term loan, reduce its revolver size, and repay other debt including temporary reductions of outstanding balances under its revolver with proceeds from a proposed $650 million senior secured notes offering, according to a company news release.

Any remaining proceeds will be used for general corporate purposes.

For the bond sale to be completed, the Akron, Ohio, tire company must first amend its senior secured credit facility to allow for the transaction, the release added.

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