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Goodyear to launch $1 billion second-lien loan repricing on Monday
By Sara Rosenberg
New York, June 5 – Goodyear Tire & Rubber Co. is scheduled to hold a lender call on Monday to launch a repricing of its $1 billion covenant-light second-lien term loan due April 2019, according to a market source.
J.P. Morgan Securities LLC is the lead bank on the deal.
Price talk on the term loan is Libor plus 275 basis points to 300 bps with a 0.75% Libor floor and a par issue price, the source said.
The repriced loan will have 101 soft call protection for one year.
With this transaction, the company will be taking pricing on the second-lien term loan down from Libor plus 375 bps with a 1% Libor floor.
Goodyear is an Akron, Ohio-based tire company.
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