Goodyear lines up $500M credit facility, calls $300M of 9.5% notes for redemption

GOODYEAR TIRE & RUBBER CO /OH/

Entered commitment letter with Goldman Sachs for a $500M 364-day senior unsecured credit facility to redeem 9.500% Senior Notes due 2025.
Called for redemption $300M of the $800M outstanding notes on August 7, 2024 at par plus accrued interest.
Credit facility commitments will be reduced by any asset sale proceeds or additional note redemptions after July 22.
Commitment letter terminates by June 2, 2025 or earlier if all notes are repaid without drawing the facility.

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