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Goodyear will repay $300 million loan

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Goodyear Tire & Rubber Co. will repay its $300 million third lien term loan tomorrow, Aug. 16, which will result in annualized interest expense savings of $26 million.

Goodyear officials say $10 million of that total will be realized in 2007. (The secured loan matures in 2011.)

Goodyear's debt replayment plan also includes early repayment (in the first quarter of 2008) of $650 million in secured notes, due 2011.

Goodyear Chairman, CEO and President Bob Keegan says these early repayments, "coupled with the company's $315 million redemption of senior notes in June, will save Goodyear more than $125 million in annual interest expense."

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