Goodyear to sell $650 million seven-year notes during February

By Paul A. Harris

St. Louis, Feb. 12 - Goodyear Tire & Rubber Co. intends to sell $650 million of senior secured notes due 2011, according to market sources as well as information contained in a Thursday news release.

Marketing is expected to commence before the end of February.

JP Morgan, Citigroup and Credit Suisse First Boston will act as placement agents for the true private offering.

The notes, which will come with four years of call protection, will be secured by junior liens on certain of the collateral securing the company's senior secured U.S. credit facilities.

Proceeds will be used to repay bank debt and for general corporate purposes.

The company is an Akron, Ohio, tire maker.

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