AKRON, Ohio–Goodyear Tire & Rubber Co. is offering $1.45 billion in senior debt as part of the company's plan to finance the purchase Cooper Tire & Rubber Co.
The private offering to eligible purchasers includes both 8- and 10-year senior unsecured notes issued by the Akron-based tire maker.
"Goodyear intends to use the net proceeds from this offering, together with cash on hand and borrowings under its revolving credit facility, to fund the cash portion of the consideration for the acquisition of Cooper," the company said in a statement.
The money also will go toward fees and expenses associated with the $2.5 billion purchase of Findlay, Ohio-based Cooper.
