Goodyear says 4% notes due 2034 are convertible through March 30

By Angela McDaniels

Seattle, Jan. 19 - The Goodyear Tire & Rubber Co. said its $350 million outstanding 4% convertible senior notes due 2034 are now convertible at the option of noteholders and will remain so through March 30.

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 ended on Thursday was greater than 120% of the conversion price.

The notes have been convertible in previous quarters but no conversions have taken place, according to a company news release.

The notes are convertible at a rate of 83.0703 common shares per $1,000 principal amount of notes, which is equal to a conversion price of $12.04 per share.

The Akron, Ohio-based tire company's stock closed at $24.22 (NYSE: GT) on Friday.

If all outstanding notes are surrendered for conversion, the number of shares issued would be about 29 million.

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