Goodyear Announces Pricing for $500 Million Senior Notes to Manage Debt

Published 2 days agoGT

Goodyear Announces Pricing for $500 Million Senior Notes to Manage Debt

Goodyear Tire & Rubber Company has disclosed the pricing of $500 million in senior notes, with a specific aim to address the redemption of its existing debt. The company plans to redeem $500 million of its 9.500% Senior Notes that are due in 2025. This redemption is slated for February 19, 2025, and will occur at full principal value plus any accrued and unpaid interest, as noted by investing.com.

The funds raised from this new issuance will be combined with Goodyear's cash reserves to facilitate this redemption. This move is strategically aimed at managing Goodyear's debt profile and reducing interest expenses by replacing higher-interest notes with newer ones, as highlighted by key.com. Additionally, Goodyear secured a $500 million credit facility last July, specifically designated for the redemption of these senior notes.

Goodyear's efforts are part of a broader strategy to enhance financial flexibilities. As of March 31, 2025, Goodyear's outstanding notes were reported at $4.756 billion, down from $5.240 billion from the previous December. The company anticipates further debt reduction with this redemption strategy, as detailed by streetinsider.com.

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