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April 21, 2011
NEW YORK, April 21, 2011 — The Goodyear Tire & Rubber Company has announced that it has amended and restated its European revolving credit facility and closed an offering of €250 million of 6 3/4 percent Senior Notes due 2019 by its European subsidiary, Goodyear Dunlop Tires Europe B.V. Changes to the European credit facility include the extension of the maturity to 2016 and the reduction of available commitments from €505 million to €400 million. Covington & Burling LLP represented Goodyear and GDTE in the transactions.
Goodyear is one of the world’s largest tire companies. It employs approximately 72,000 people and manufactures its products in 55 facilities in 22 countries.
The Covington team was led by corporate partners Peter Schwartz (credit facility) and Carey Roberts (notes offering). Also advising on the transactions were corporate partner David Rosinus and associates Jason Groth, Richard Kruger, Rosa Neel and Silas Lum*. Partner Robert Heller and associate Rucia Pei provided tax advice. All are based in the firm’s New York office.
*Not yet admitted to practice.