AKRON—Goodyear is increasing the value of its recently issued 9.5 percent senior notes offer to $800 million with an additional $200 million issuance.
The additional offering will be priced at 101.75 percent of the principal amount, plus accrued and unpaid interest from May 18. Goodyear said it expects the offer to close on May 22. The notes pay interest twice a year and are due in 2025.
The Akron-based tire maker said earlier it intends to use the net proceeds from the expanded offer for general corporate purposes, which may include repaying or redeeming the company's outstanding 8.75 percent notes due Aug. 15.
Goodyear, which launched the $600 million offering on May 13, said it has approximately $282 million in aggregate principal amount of the 2020 notes outstanding.