Goodyear Announces Conversion Period - Tire Review Magazine

Goodyear Announces Conversion Period

(Akron/Tire Review) Goodyear Tire & Rubber Co. announced that its 4% convertible senior notes due June 15, 2034 are now convertible and will remain so through Mar. 31, the last day of the current fiscal quarter.

The last reported sale price of the company’s common stock for at least 20 trading days during the 30 consecutive trading-day period ending on Jan. 17 (the 11th trading day of the quarter) was greater than 120% of the conversion price in effect on such day. The notes were previously convertible during the third and fourth quarters of 2005, but no conversions took place, according to Goodyear.

The tiremaker will deliver shares of its common stock upon conversion of any notes surrendered prior to Mar. 31. Cash will be paid in lieu of fractional shares only. Issued in June 2004, the notes are currently convertible at a rate of 83.0703 shares of common stock per $1,000 principal amount of notes, which is equal to a conversion price of $12.04 per share. There is currently $350 million in aggregate principal amount of notes outstanding.

If all outstanding notes are surrendered for conversion, the aggregate number of shares of common stock issued would be approximately 29 million, Goodyear said.

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