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Goodyear announces results of exchange offer

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Goodyear announces results of exchange offer

Goodyear Tire & Rubber Co. has announced the results of its offer to exchange any and all of its $650 million in aggregate principal amount of 7.857% notes due in 2011 for a new series of 8.75% notes due in 2020.

Goodyear says approximately $262 million in principal amount of old notes (or 40.3% of those outstanding) were validly tendered.

On the settlement date, which is expected to occur on or about March 5, Goodyear will issue $282 million in principal amount of new notes. The company also will make a cash payment to exchanging hlders, representing accrued and unpaid interest on the old notes and cash paid in lieu of fractional bonds, for the tendered old notes.

Approximately $388 million in principal amount of old notes will remain outstanding. The proposed amendments to the indenture governing the old notes will not be adopted.

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