Goodyear Tire & Rubber 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+125 basis points.
JPMorgan Chase was the administrative agent and collateral agent for the transaction.
“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 employs about 66,000 people and manufactures products in 49 facilities in 22 countries around the world.