Goodyear Tire to draw on credit facility for redemption of notes

By Sara Rosenberg

New York, Aug. 10 - The Goodyear Tire & Rubber Co. plans to use borrowings under its credit facility to help fund the redemption of $325 million of 8.625% senior notes due 2011 and about $388 million of its 7.857% notes due 2011, according to a news release.

Other funds for the redemption will come from the issuance of $750 million of senior notes and current cash and cash equivalents.

Any remaining proceeds will be used by the company for general corporate purposes, which may include the repayment of other outstanding debt.

Goodyear is an Akron, Ohio-based tire company.

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