The largest US tire maker Goodyear Tire & Rubber Company (Goodyear Tire & Rubber Co.) announced today that it has redeemed 2016 of $ 350 million Senior Notes.
Following the successful issuance of mandatory convertible preference shares in March 2011, Goodyear has exercised the right to redeem and redeemed the company’s $350 million senior bond issue. The interest rate for these senior bonds is 10.5%, which was originally scheduled to expire in 2016. The redemption price is 110.5% of the principal. While redeeming these bonds, the company also paid accrued and unpaid interest as of May 27, 2011 (excluding the date).
At the end of March this year, Goodyear successfully terminated its 8.7 million shares of mandatory convertible preferred shares (50 cents per share). It is reported that its underwriters have purchased an additional 1.3 million shares in addition to their share options. After deduction of underwriting discounts, commissions, and issuance costs, the net cash generated from this sale was approximately US$484 million (including the proceeds from the underwriter’s exercise of the share options).
Goodyear expects that the redemption of shares this time will save about 40 million US dollars of interest expenses. The company said it expects to save about $23 million in 2011.
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