Goodyear Tire & Rubber priced $1.05 billion of senior notes due 2032, locking in an 8.875% coupon on the new debt.
The company said the notes were offered at 100% of principal and are expected to close June 4, 2026. Goodyear plans to use the proceeds to take out debt coming due in 2027, including $700 million of 4.875% senior notes and $117 million of 7.625% senior notes outstanding as of March 31, 2026.
That means Goodyear is moving to refinance a total of $817 million of 2027 notes with a larger $1.05 billion issue, leaving about $233 million of proceeds beyond the current principal amount of those notes. Any remaining cash will go to general corporate purposes.
Before the 2027 bonds are repaid, redeemed or repurchased, Goodyear said it intends to use some of the proceeds to pay down borrowings on its first-lien revolving credit facility, European revolving credit facility, Mexican credit facility and other smaller facilities.
The new notes are senior unsecured obligations. Goodyear said the offering is being led by J.P. Morgan, BofA Securities and Citigroup, with a broad group of additional co-managers. The market has reacted to these announcements by moving the company's shares 0.52% to a price of $5.83. Check out the company's full 8-K submission here.
