Akron, Ohio, April 28, 2022 /PRNewswire/ — The Goodyear Tire & Rubber Company (NASDAQ: GT) (“Goodyear”) has announced the expiry of the exchange offers for all of its 5.000% senior unregistered bonds due 2029 (the “Bonds”). 2029 Restricted Bonds”) and all of its 5.250% Senior Unregistered Bonds due 2031 (the “2031 Restricted Bonds” and, together with its 2029 Restricted Bonds, the “Restricted Bonds”) for amounts principal equivalents, respectively, of its 5.000% Senior Notes due 2029 (the “2029 Exchange Notes”) and its 5.250% Senior Notes due 2031 (the “2031 Exchange Notes” and , together with its 2029 Exchange Bonds, the “Exchange Bonds”) which are registered under the Securities Act of 1933, as amended (the “Securities Act”).
The exchange offers expired at 5 p.m. New York time on April 27, 2022.
Computershare Trust Company, NA, the Exchange Agent for the Exchange Offerings, has advised that $844,615,000 in total principal amount of the 2029 Restricted Bonds and $599,867,000 of the total principal amount of the Restricted Bonds 2031 have been validly tendered and not validly withdrawn before the expiration of the exchange offer, which represents 99.37% of the total principal amount of the Restricted Bonds 2029 and 99.98% of the principal amount total Restricted Bonds 2031 Restricted Bonds, in each case outstanding at the commencement of the exchange offer. Goodyear has accepted in exchange all Restricted Obligations validly tendered and not validly withdrawn. Goodyear plans to issue the Exchange Notes in exchange for the Restricted Notes on or about April 28, 2022.
This press release is neither an offer to sell nor a solicitation of an offer to buy securities and no recommendation is made as to whether or not the holders of Restricted Bonds should have exchanged them. The exchange is being made pursuant to the terms of the Prospectus and related Letter of Transmittal dated March 302022, copies of which have been delivered to the holders of the Restricted Securities.
Certain information in this press release constitutes forward-looking statements for purposes of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. There are a variety of factors, many of which are beyond our control, which affect our operations, our performance, business strategy and results and could cause our actual results and experience to differ materially from the assumptions, expectations and objectives expressed in the forward-looking statements. These factors include, but are not limited to: our ability to realize the expected benefits from the acquisition of Cooper Tire & Rubber Company; the impact on us of the COVID-19 pandemic; increases in the prices paid for raw materials and energy; inflationary cost pressures; delays or disruptions in our supply chain or the provision of services to us; changes in prices, trade agreements or trade restrictions; our ability to successfully implement our strategic initiatives; actions and initiatives taken by current and potential competitors; deterioration in economic conditions or inability to access capital markets; a labor strike, work stoppage, labor shortage or other similar event; work stoppages, financial difficulties, labor shortages or supply disruptions at our suppliers or customers; the adequacy of our capital expenditures; currency translation and transaction risks; our breach of a material covenant in our debt securities; the potential adverse consequences of litigation involving the company; as well as the effects of more general factors such as changes in general market, economic or political conditions or in laws, regulations or public policy. Other factors are discussed in our filings with the Securities and Exchange Commission, including our annual report on Form 10-K, our quarterly reports on Form 10-Q and our current reports on Form 8-K. Further, any forward-looking statements represent our estimates only as of today and should not be relied upon as representing our estimates as of any future date. Although we may choose to update forward-looking statements at some point in the future, we expressly disclaim any obligation to do so, even if our estimates change.
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SOURCE Goodyear Tire & Rubber Company