AKRON (Aug. 19) — Goodyear has closed its offering of $680 million in senior secured notes that will be used to refinance the firm's $680 million revolving credit facility, which would have matured in April 2005.
The new credit facility matures in September 2007 and will be used to support credit or borrowings on a revolving basis, which is similar to the facility it replaces. About $500 million of the new offering will be utilized to support already-existing letters of credit, the company said.
Goodyear said in July 21 it would refinance the $680 million notes with a $500 million senior secured funded credit facility but lender demand was strong enough to boost it to $680 million.