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Goodyear firms $1 billion second-lien loan at Libor plus 300 bps
By Sara Rosenberg
New York, June 15 – Goodyear Tire & Rubber Co. set pricing on its $1 billion covenant-light second-lien term loan due April 2019 at Libor plus 300 basis points, the high end of the Libor plus 275 bps to 300 bps talk, according to a market source.
The term loan still has a 0.75% Libor floor, a par issue price and 101 soft call protection for one year.
J.P. Morgan Securities LLC is the lead bank on the deal.
Proceeds will be used to reprice an existing second-lien term loan from Libor plus 375 bps with a 1% Libor floor.
Goodyear is an Akron, Ohio-based tire company.
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