Goodyear's 4% notes due 2034 remain convertible through June

By Jennifer Chiou

New York, April 16 - Goodyear Tire & Rubber Co. announced that its 4% convertible senior notes due June 15, 2034 are convertible and will remain so through June 30.

The notes became convertible into cash or shares 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 April 15, the 11th trading day of the current quarter, was greater than 120% of the conversion price.

Upon conversion, noteholders will receive 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.

During the fourth quarter of 2007, Goodyear said it completed an exchange offer during which about 99% of the notes were exchanged. As a result, less than $4 million of notes remains outstanding.

Goodyear is an Akron, Ohio-based tire manufacturer.

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