Goodyear offers debt exchange

ERJ staff report (R&PN)

Akron, Ohio — Goodyear has initiated an offer to exchange any and all of its $650 million (around Euro 467 million) in aggregate principal amount of 7.857 percent notes due in 2011 for a new series of 8.75 percent notes due in 2020.

Goodyear is asking the holders of the old notes to amend the terms of the loan.

For each $1000 principal amount of old notes validly tendered and accepted for exchange–and for which related consents are delivered–holders will receive $1080 in…

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