Goodyear Tire & Rubber Co (NASDAQ:GT) made a public announcement that its $700 million aggregate principle amount of 10-year senior notes offering, has been priced. The notes remain senior unsecured company obligations.

Public offer price

The notes will be offered to the public at 100% price of their principal amount. They will also attract an interest rate of 4.875% on annual basis. The offering closing date is expected to be on March 7, 2017. This is subject to customary closing terms and conditions.

The proceeds from the offering

The net proceeds from the offering and the cash and cash equivalents will be put together and utilized to redeem the company’s full $700 million in aggregate principal amount of 7% senior notes. The maturity date is in 2022.

Registering the offer

The offering came to be under the effective registration statement filed with the U.S Securities and Exchange Commission. It became recognizable with immediate effect as from November 2, 2015. The offering of the notes is only possible through obtaining a prospectus supplement and the supporting prospectus. These can be obtained from either J. P. Morgan Securities LLC or The Goodyear Tire and Rubber Company Investor Relations Department.

Conditions of the offer

The press release shall neither be considered as an offer to sell by the seller nor the intention to buy by the buyer. There shall be no sale of the securities in any occurrence where such an offer, sale or solicitation will be held as against the laws of any jurisdiction.

Caution to investors

Some information contained in the press release may present forward looking statements so as to comply with the provisions of Private Securities Litigation Reform Act of 1995. Goodyear therefore cautions investors that some factors beyond its means could lead to their actual results differing materially from the expressions from the forward looking statements. Further caution should be taken with the forward looking statement as they represent the company’s estimates as of any subsequent date. They are more than likely to change in the future but the company is not obliged to update the data changes take effect.