Commercial Business Consumer Tires Retail Suppliers Wholesale Distribution

Goodyear calls outstanding notes for redemption

Order Reprints

Goodyear Tire & Rubber Co. has called all of its outstanding senior notes due in 2011 and 2015 for redemption on Sept. 29, 2010.

Goodyear will use the net proceeds from its recent $1 billion issue of 8.25% senior notes due 2010 to fund these redemptions.

The notes called for redemption are $388 million in principal amount of 7.857% senior notes due Aug. 15, 2011; $325 million in principal amount of 8.625% senior notes due Dec. 1, 2011; and $260 million in principal amount of 9% senior notes due July 1, 2015.

"The contractual redemption price for the 7.857% notes is the sum of the present values of the remaining scheduled payments on the notes, discounted to the redemption date using a defined treasury rate plus 35 basis points and will be determined as of the third business day prior to the redemption date, say Goodyear officials.

You must login or register in order to post a comment.