Goodyear announces conversion period for notes
Goodyear Tire & Rubber Co. says its 4% convertible senior notes due June 15, 2034, are now convertible and will remain so through Dec. 31, 2007.
"The notes became convertible because the last reported sale price of the company's common stock for at least 20 trading days during the 30 consecutive trading-day period ending on Oct. 15, 2007, was greater than 120% of the conversion price in effect on such day," say Goodyear officials.
"The notes have been convertible in previous fiscal quarters."
Goodyear says it will "deliver shares of its common stock or pay cash upon conversion of any notes surrendered on or prior to Dec. 31, 2007. If shares are delivered, cash will be paid in lieu of fractional shares only.
"Issued in June 2004, notes are currently convertible at a rate of 83.0703 shares of common stock per $1,000 principal amount of notes, which is equal to a conversion price of $12.04 per share."