Goodyear seeks to raise $1000 million

ERJ staff report (DS)

Akron, Ohio --- Goodyear is no longer seeking to raise just $500 million from a new debt issue, but increased the amount to $1000 million.

The company said it has priced its offering of $1 billion aggregate principal amount of 7-year senior notes. The notes will be senior unsecured obligations of the company. They will be sold at 95.846% of the principal amount and will bear interest at a rate of 10.5%. Goodyear expects the offering to close on May 11, 2009, subject to customary closing conditions.

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Press release from Goodyear