AKRON (May 31, 2011)—Goodyear has completed its redemption of $350 million in senior notes due in 2016.
The Akron-based tire maker redeemed $350 million in aggregate principal amount of its outstanding 10.5 percent senior notes due 2016. The redemption price was 110.5 percent of the principal amount of the notes redeemed, plus accrued and unpaid interest to, but excluding, May 27, Goodyear said.
The redemption will result in savings to annualized interest expense of about $40 million, of which about $23 million will be realized in 2011.