The Goodyear Tire & Rubber Company announced a public offering of $500 million aggregate principal amount of 5-year senior notes. These notes will be senior unsecured obligations of the company, with the issuance and sale subject to market and other customary closing conditions.
Goodyear intends to use the net proceeds from this offering, combined with its current cash and cash equivalents, to redeem in full its remaining $900 million of 5.000% Senior Notes due 2026. This strategic financial move aims to optimize the company's debt structure and reduce interest expenses.
A notice of redemption for $400 million of the 2026 Notes was issued on May 29, 2025, with a redemption date of June 30, 2025. This portion of the redemption is intended to be funded using cash proceeds from the recently completed Dunlop brand disposition, aligning with the Goodyear Forward plan's deleveraging objectives.
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