Commentary & Deal Flow

Goodyear Europe BV (GT) EUR400m (up from EUR300m) 144A/Reg S sr notes due 08/15/28 (7y). NC3 (MWC B+50bp), then at 101.375, 100.688, 100. Equity claw: 3y 35% at 102.75. Ba3/BB-/BB- (stable/stable/stable). Gtd by The Goodyear Tire & Rubber Co and certain of its wholly-owned subsidiaries. Via BNP/ (B&D)/Barc/CA/DB sr jt books/BofA/Citi/JPM/MUFG/UniCredit/WFS jt books, BBVA, Commerz, SMBC Nikko as co-managers. No reg rights. List Lux. NY law. Investment grade style covenant package. Settles 09/28. Reg S ISIN: XS2390510142. IPT: 3.00%-3.25%. Px talk: 2.75%-3.00%. Final size/price: EUR400m at 2.75%.

Priced: 2.75% at 100. +330bp vs DBR 0.25% 08/15/28.

Did investor call at 1pm UKT / 8am NYT yesterday, then 1x1s. Books closed at 2pm UKT today. Reconfirms were due by 3pm UKT today. UOP: redeem in full its EUR250m 3.75% sr notes due 12/15/23 (callable at 100), and GCP (EUR100m upsize for GCP). Biz: the European sub of The Goodyear Tire & Rubber Co, a global tire and rubber manufacturer. HQ: Akron, OH.