Goodyear in €550 Million European Loan

May 12, 2015

Cleary Gottlieb was counsel to Goodyear in a €550 million secured European revolving loan facilities as part of an overall refinancing of Goodyear’s existing European revolving loan facilities. The transaction closed on May 12. Cleary Gottlieb already advised Goodyear on the set-up of its European loan facilities in 2003 and on subsequent refinancing in 2005, 2007 and 2011.

Changes to the European revolving loan facilities included the extension of the maturity to 2020 and the increase of available commitments from €400 million to €550 million. The security package for the loans included receivables, bank accounts, inventory, real property and shares in companies located in 22 different jurisdictions, and governed by as many different legal systems.