Goodyear calls remaining 4% convertibles due 2034

By Jennifer Chiou

New York, May 21 - Goodyear Tire & Rubber Co. announced the redemption of all of its 4% convertible senior notes due June 15, 2034.

The notes will be redeemed at 101.714% plus accrued interest to June 20, the redemption date.

The notes are convertible through the close of business on June 18. On April 16, the company had said that the notes would be convertible through June 30.

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, $3.96 million of notes remain outstanding.

If all remaining notes are converted, the company would issue 329,000 shares.

Goodyear is an Akron, Ohio-based tire manufacturer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.