Goodyear Announces Convertible Notes Option - Tire Review Magazine

Goodyear Announces Convertible Notes Option

(Akron/Tire Review) Goodyear Tire & Rubber Co. announced that its 4.00% convertible senior notes due June 15, 2034, are now convertible at the option of the holders and will remain convertible through Mar. 30, the last business day of the current fiscal quarter.

According to Goodyear, the notes became convertible when 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. 18 was greater than 120% of the conversion price in effect on that day.

The notes have been convertible in previous fiscal quarters but no conversions have taken place, Goodyear said.

The company will deliver shares of its common stock upon conversion of any notes surrendered prior to Mar. 30. 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, stated Goodyear.

If all outstanding notes – currently $350 million – are surrendered for conversion, the aggregate number of shares of common stock issued would be approximately 29 million, according to Goodyear.

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