Goodyear Closes Offering

Following its offering of $350 million aggregate principal amount of 4 per cent convertible senior notes, Goodyear Tire & Rubber Company has announced that is has closed the sale.

The notes will be due 15 June, 2034 and are initially convertible into shares of the company’s common stock at the rate of 83.07 shares per $1000 principal amount of notes, around $12.04 a share.

Goodyear intends to use the net proceeds from the offering for general corporate purposes, this may include the temporary repayment of one of the company’s revolving credit facilities.