AKRON (July 6)—Goodyear has closed its offering of $350 million in convertible notes that will be used to reduce corporate obligations.
The senior secured obligations are due June 15, 2034, and will bear an interest rate of 4 percent, according to the company. The notes are convertible into shares of Goodyear common stock, initially at a rate of 83 shares of common stock per $1,000 principal amount of notes. That converts to a price of about $12 per share.