Goodyear Reworking Credit Facilities

(Akron/Tire Review) Goodyear is refinancing some of its credit lines with an eye to reducing interest expenses, the tyremaker announced yesterday.

To be refinanced are a $1.5 billion credit facility due on Apr. 30, 2010; a $1.2 billion term loan also due on Apr. 30, 2010; and a 505 million euro credit facility for its Goodyear Dunlop Tire Europe subsidiary also due on that date.

Goodyear said it is looking to extend or amend the credit facilities by two to four years, staggering their due dates from 2012 to 2014.