Goodyear Announces Proposed Senior Note Offering

On May 5 Goodyear Tire & Rubber gave word of its intention to initiate a public offering of 7-year senior notes to the aggregate principal amount of approximately US$500 million, subject to market and other customary conditions. The notes, adds Goodyear, will be senior unsecured obligations of the company.

The company reports it intends to use the net proceeds from this offering, together with current cash and cash equivalents and unused availability under its credit facilities, for general corporate purposes, which will include the repayment on or prior to maturity of $500 million in aggregate principal amount of its senior floating rate notes due December 1, 2009. Joint book-running managers for the offering will be J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co.

The offering will be made under an effective shelf registration statement filed with the US Securities and Exchange Commission. Copies of the prospectus and the prospectus supplement relating to the offering may be obtained from Goodyear or the book-running managers.