Goodyear Announces Closing of Common Stock Offering
The Goodyear Tire & Rubber Company today announced the closing of its public offering of 26,136,363 shares of its common stock, including the fully exercised over-allotment option, at $33.00 per share.
Including the exercise of the over-allotment option, the net proceeds from the offering, after deducting underwriting discounts and commissions, totaled approximately $834 million.
Goodyear intends to use the net proceeds from the offering to redeem approximately $175 million in principal amount of its outstanding 8.625% senior notes due in 2011 and approximately $140 million in principal amount of its outstanding 9.00% senior notes due in 2015. The company expects to use the remaining net proceeds of the offering for general corporate purposes, which may include, among other things, investments in growth initiatives within the company’s core tire businesses and the repayment of additional debt.
Deutsche Bank Securities, Citi and Goldman, Sachs & Co. served as joint book-running managers of the offering.
This news content was configured by WebWire editorial staff. Linking is permitted.
News Release Distribution and Press Release Distribution Services Provided by WebWire.