AKRON (Jan. 27)—Goodyear said it intends to commence a syndication being arranged by J.P. Morgan Chase & Co. Inc. and Citigroup Inc. for the addition of a $300 million term loan to be used for general corporate purposes. The new loan would be in addition to the firm's existing $1.3 billion asset-based credit facility.
Goodyear also said it will talk with the lenders under its senior secured credit facilities to amend those agreements to allow for future capital markets transactions.
The moves are intended to enhance Goodyear's "near-term liquidity and position us to access the capital markets as we gain traction in our turnaround plan during 2004," said Chairman and CEO Robert J. Keegan.