Goodyear pricing $1 billion eight-year notes in Monday drive-by

By Paul A. Harris

Portland, Ore., Nov. 2 – Goodyear Tire & Rubber Co. plans to price a $1 billion offering of eight-year senior notes (existing ratings Ba3/BB) on Monday following a mid-morning conference call with investors, according to an informed source.

Goldman Sachs & Co. is the left bookrunner for the public offering. Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole CIB, Deutsche Bank Securities Inc., HSBC Bank and J.P. Morgan Securities LLC are the joint bookrunners.

BofA Merrill Lynch, Natixis, UniCredit and Wells Fargo Securities LLC are the co-managers.

The notes come with three years of call protection.

The Akron, Ohio-based manufacturer plans to use the proceeds, together with cash and cash equivalents, to redeem all of its 8¼% senior notes due 2020 at 104.125 plus accrued interest.

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