By Wendy Van Sickle
Columbus, Ohio, Sept. 21 – Goodyear Tire & Rubber Co. priced an upsized €400 million of seven-year notes (Ba3/BB-/BB-) at par to yield 2¾% on Tuesday, according to a news release.
The issue was upsized from an initially planned €300 million.
The notes, which are coming from issuing entity Goodyear Europe BV, started with talk at 3% to 3¼% which was later tightened to 2¾% to 3%.
Left bookrunner BNP Paribas will bill and deliver. Barclays, Credit Agricole and Deutsche Bank are the senior joint bookrunners. BofA, Citigroup, JPMorgan, MUFG, UniCredit and Wells Fargo are the joint bookrunners.
The Rule 144A and Regulation S notes become callable after three years at par plus 50% of the coupon.
Proceeds will be used to refinance the €250 million 3¾% notes due 2023 and, with the additional €100 million from the upsize, for general corporate purposes.
Goodyear is an Akron, Ohio-based tire maker.
| Issuer: | Goodyear Europe BV
|
| Guarantor: | Goodyear Tire & Rubber Co. and some U.S. and Canadian subsidiaries
|
| Issue: | Notes
|
| Amount: | €400 million
|
| Maturity: | 2028
|
| Bookrunners: | BNP Paribas (left), Barclays, Credit Agricole, Deutsche Bank, BofA, Citigroup, JPMorgan, MUFG, UniCredit and Wells Fargo
|
| Co-managers: | BBVA, Commerzbank and SMBC
|
| Coupon: | 2¾%
|
| Price: | Par
|
| Yield: | 2¾%
|
| Call: | After three years
|
| Pricing date: | Sept. 21
|
| Settlement date: | Sept. 28
|
| Ratings: | Moody’s: Ba3
|
| S&P: BB-
|
| Fitch: BB-
|
| Distribution: | Rule 144A and Regulation S
|
| Talk: | 2¾% to 3%
|
|
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