Goodyear finalizes $400 million second-lien loan at Libor plus 200 bps

By Sara Rosenberg

New York, March 6 – Goodyear Tire & Rubber Co. firmed pricing on its $400 million second-lien term loan at Libor plus 200 basis points, the low end of the Libor plus 200 bps to 225 bps talk, and added a step-down to Libor plus 175 bps based on leverage, according to a market source.

The term loan has a par issue price.

J.P. Morgan Securities LLC is the lead bank on the deal.

Proceeds will be used to reprice an existing term loan down from Libor plus 300 bps with a 0.75% Libor floor.

Goodyear is an Akron, Ohio-based tire company.

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