Goodyear sets conversion period for notes
Akron, Ohio --Goodyear's 4-percent convertible senior notes, issued in June 2004 and due June 15, 2034, are now convertible through Sept. 30, the company said.
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 July 18 was greater than 120 percent of the conversion price on that day, the firm said.
Goodyear said it will deliver shares of its common stock upon conversion of any notes surrendered prior to September, adding that cash will be paid in lieu of fractional shares only.
If all outstanding notes are converted, the company said, the aggregate number of shares of common stock issued would be approximately 29 million
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