The planned Mar. 31 redemption will result in annualized interest expense savings of approximately $75 million to $80 million, of which about $65 million will be realized in 2008.
The tiremaker said that the notes include $450 million of fixed rate notes, with an 11.25% interest rate, and $200 million of floating rate notes at LIBOR plus 825 basis points. (Tire Review/Akron)