Goodyear to borrow $600 million under revolver

By Sara Rosenberg

New York, Sept. 25 - Goodyear Tire & Rubber Co. plans to draw down $600 million under its U.S. revolving credit facility, according to a news release.

The draw is being done as a result of a temporary delay in the company's ability to access $360 million of cash currently invested with the Reserve Primary Fund, a money market fund, which has delayed the payment under a Securities and Exchange Commission order allowing an orderly disposition of its securities.

In addition, the revolver borrowings will be used to support seasonal working capital needs and to enhance the company's cash liquidity position.

Goodyear is an Akron, Ohio-based tire company.

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