Goodyear to pay down $200 million revolver with notes offering

By Jennifer Chiou

New York, June 20 - Goodyear Tire & Rubber Co. announced plans to repay $200 million in 4.9% borrowings under its first-lien revolving credit facility due July 5 with partial proceeds of a $400 million offering of senior unsecured notes due 2015.

Remaining proceeds from the notes will go towards replacing $190 million in cash the Akron, Ohio-based company used to pay $516 million of 6.375% euro notes that matured June 6.

The $190 million in cash will be used to repay other debt obligations and for general corporate purposes.

Goodyear develops and distributes tires and related products.

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