Goodyear to price $700 million 10-year bullet in Thursday drive-by; whisper is 5%-5¼%

By Paul A. Harris

Portland, Ore., March 2 – Goodyear Tire & Rubber Co. plans to price a $700 million offering of 10-year senior bullet notes (Ba3//BB) on Thursday, according to market sources.

The public deal is in the market with initial yield guidance of 5% to 5¼%, a trader said.

J.P. Morgan Securities LLC, Barclays, BNP Paribas Securities Corp., Citigroup Global Markets Inc., Credit Agricole Securities (USA) Inc., Deutsche Bank Securities Inc., Goldman Sachs & Co., HSBC Securities (USA) Inc., BofA Merrill Lynch, and Wells Fargo Securities LLC are the joint bookrunners.

Natixis Securities Americas LLC, BB Securities Ltd., Capital One Securities Inc., MUFG, UniCredit Capital Markets LLC, Regions Securities LLC and Huntington Investment Co. are the co-managers.

The notes are callable at par three months prior to maturity but are otherwise non-callable.

The Akron, Ohio-based tire manufacturer plans to use the proceeds to redeem its 7% senior notes due 2022 in full.

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