CHICAGO -- Goodyear Tire & Rubber Co. said Monday that it has successfully completed a new $650 million secured term loan arranged by JPMorgan and Citigroup.
The company plans to use about $335 million of the loan's proceeds to partially repay its existing $583 million U.S. term loan. Proceeds also will be used to repay other indebtedness and for general corporate purposes.
Goodyear, the largest North American tire maker, also said its principal lenders have approved amendments to the company's senior secured credit facilities. The changes will allow this loan as well as future capital markets transactions that could be secured by a junior lien on some of the collateral securing the company's other senior secured U.S. credit facilities.