Goodyear draws $675 million under its revolver

By Sara Rosenberg

New York, Oct. 13 - The Goodyear Tire & Rubber Co. drew down about $675 million under its revolving credit facility on Friday, according to a company news release.

In addition, the company borrowed $300 million under its $1.5 billion U.S. first-lien credit facility on Oct. 5.

"Before the start of the United Steelworkers strike in North America, Goodyear had about $1.3 billion in cash and cash equivalents and approximately $1.6 billion in available credit lines," said Richard J. Kramer, executive vice president and chief financial officer, in the release.

"This action provides additional cash in the unlikely event of a prolonged strike."

Goodyear is an Akron, Ohio-based tire company.

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