AKRON (Jan. 19) — Goodyear has announced that its 4-percent convertible senior notes due June 15, 2034, are now convertible at the option of the holders and will remain convertible through March 30 of this year, the last business day of the current fiscal quarter.
The notes became convertible because 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 — the 11th trading day of the current fiscal quarter — was greater than 120 percent of the conversion price in effect on such day. The notes have been convertible in previous fiscal quarters but no conversions have taken place.
The company will deliver shares of its common stock upon conversion of any notes surrendered prior to March 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. There is currently $350 million in aggregate principal amount of notes outstanding.