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Goodyear Completes Notes Exchange Offers

(Akron/Tire Review) Goodyear Tire & Rubber Co. announced that it has completed its offers to exchange up to $1.05 billion in registered notes for previously issued unregistered notes.

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The company said that on Dec. 22, 2005, it completed its offer to exchange up to $450 million of 11% senior secured notes due in 2011 and up to $200 million of senior secured floating rate notes due in 2011 for its outstanding unregistered 11% senior secured notes due in 2011 and senior secured floating rate notes due in 2011.

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The exchange offer expired at 5 p.m. ET, on Dec. 21, 2005. A total of $449,998,000 of the 11% notes and $200 million of the floating rate notes were validly tendered and accepted for exchange by Goodyear.

According to the terms of Goodyear’s Registration Rights Agreement, dated Mar. 12, 2004, upon the closing of the exchange offer on Dec. 22, 2005, additional interest of 2% per annum on the 11% notes and floating rate notes ceased to accrue and additional interest of 0.25% per annum began to accrue on those notes.

On Jan. 12, Goodyear completed its offer to exchange up to $400 million of 9% senior notes due in 2015, which have been registered under the Securities Act, for all of its outstanding unregistered 9% senior notes due in 2015.

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This exchange offer expired at 5 p.m. ET, on Jan. 9, 2006. A total of $400 million of 9% senior notes were validly tendered and accepted for exchange by Goodyear.

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