Goodyear Tire & Rubber Co. (GT) said Thursday that it has priced its offering of $900 million aggregate principal amount of 8-year senior notes.
The offering was increased from a previously announced offering size of $750 million.
The notes are senior unsecured obligations of the company. They will be sold at 100% of the principal amount and will bear interest at a rate of 6.5%.
Goodyear expects the offering to close on February 25.
The company plans to use the net proceeds from the offering to fund discretionary contributions to its frozen U.S. pension plans and, to the extent not used for such purposes, for general corporate purposes.
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