US: Goodyear closes common stock offering
Wednesday, May 23, 2007, AutomotiveWorld.com
Goodyear Tire & Rubber has closed its public offering of more than 26.13 million shares of common stock, including the fully exercised over-allotment option, at US$33 per share.
The Akron, Ohio-based tyre supplier reported that the net proceeds from the offering totalled about US$834m. The company intends to use the proceeds to redeem about US$315m in senior notes due in 2011 and 2015. The remaining funds will be used for general corporate purposes.
Deutsche Bank Securities, Citi and Goldman, Sachs & Co. served as joint book-running managers of the offering.
Published on Wednesday, May 23, 2007
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