AKRON, Ohio – The Goodyear Tire & Rubber Company has called all of its outstanding senior notes due in 2011 and 2015 for redemption on September 29, 2010. Goodyear intends to use net proceeds from its recent $1 billion issuance of 8.25% senior notes due 2020 to fund these redemptions.

The notes called for redemption are $388 million in principal amount of 7.857% senior notes due August 15, 2011, $325 million in principal amount of 8.625% senior notes due December 1, 2011, and $260 million in principal amount of 9% senior notes due July 1, 2015.

The contractual redemption price for the 7.857% notes is the sum of the present values of the remaining scheduled payments on the notes, discounted to the redemption date using a defined treasury rate plus 35 basis points (0.35%), and will be determined as of the third business day prior to the redemption date. The contractual redemption price for the 8.625% notes is 104.313 percent of the principal amount and for the 9% notes is 104.500 percent of the principal amount. In each case, accrued and unpaid interest will be paid to the redemption date.

Source: http://www.goodyear.com/cfmx/web/corporate/media/news/story.cfm?a_id=300

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