Goodyear sets Wednesday roadshow for €250 million eight-year notes, to refinance debt

By Paul A. Harris

Portland, Ore., Dec. 8 – Goodyear Tire & Rubber Co. plans to market a €250 million offering of eight-year senior notes (BB) on Wednesday in London, according to a market source.

The Rule 144A and Regulation S deal is also set to price on Wednesday.

Joint bookrunner Deutsche Bank will bill and deliver. BNP Paribas, BofA Merrill Lynch, Credit Agricole CIB, Goldman Sachs International, JPMorgan and Wells Fargo are also joint bookrunners.

The notes become callable after three years at par plus 50% of the coupon.

The Akron, Ohio-based tire company intends to issue the notes via its European subsidiary, Goodyear Dunlop Tires Europe BV.

Proceeds, together with cash and cash equivalents, will be used to redeem in full €250 million of Goodyear Dunlop’s 6¾% senior notes due 2019.

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