Goodyear to use note proceeds to redeem some 8 5/8%, 7.857% notes

By Jennifer Chiou

New York, Aug. 10 - Goodyear Tire & Rubber Co. announced that it intends to redeem $325 million of its 8 5/8% senior notes due 2011 as well as about $388 million of its 7.857% notes due 2011 using proceeds from a $750 million public offering of 10-year senior notes.

Any remaining proceeds will go toward general corporate purposes, which may include other debt repayments.

Goodyear is a tire company based in Akron, Ohio.

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