Goodyear Extends Maturity, Reduces Interest Rate on $2 Billion Revolving Credit Facility

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Apr 07, 2016, 04:30 ET

AKRON, Ohio, April 7, 2016 /PRNewswire/ -- The Goodyear Tire & Rubber Company (NASDAQ: GT) today announced that it has refinanced its $2 billion asset-based revolving credit facility, including extending the maturity five years to 2021 and reducing the interest rate for loans under the facility by 25 basis points to LIBOR plus 125 basis points.

"This refinancing action aligns with our ongoing capital structure actions," said Laura K. Thompson, executive vice president and chief financial officer. "The company has no senior note or other term debt maturities in the U.S. until 2019."

Goodyear is one of the world's largest tire companies. It employs about 66,000 people and manufactures its products in 49 facilities in 22 countries around the world. Its two Innovation Centers in Akron, Ohio and Colmar-Berg, Luxembourg strive to develop state-of-the-art products and services that set the technology and performance standard for the industry. For more information about Goodyear and its products, go to www.goodyear.com/corporate. GT-FN

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