Akron, Ohio – Goodyear Europe BV has increased the amount of its latest senior notes offering to €400 million from the previously announced €300 million.
The senior notes are due 2028 and will be unsecured obligations of Goodyear Europe, guaranteed by Goodyear Tire & Rubber Co. and certain of its wholly owned US and Canadian subsidiaries.
Goodyear Europe announced on 20 Sept that it had launched the offering for €300 million senior notes.
However, the company increased it "between launch on Monday morning and finalising terms on Tuesday afternoon," a spokesman confirmed on 22 Sept.
Goodyear Europe intends to use proceeds from the notes to redeem, in full its 3.75% senior notes – €250 million – due 2023.
Any remaining proceeds will be used for Goodyear Europe’s general corporate purposes.