Goodyear greenshoe exercised, raising convertibles to $350 million

Pittsburgh, July 2 - The Goodyear Tire & Rubber Co. said the underwriters of its recent offering of 4% convertible senior notes due June 15, 2034 exercised the $50 million greenshoe, raising the size of the deal to $350 million.

The Akron, Ohio-based tire maker originally priced $300 million of the securities after the close on June 28 to yield 4% with a 30% initial conversion premium.

Deutsche Bank Securities, Goldman Sachs & Co. and JPMorgan Securities were the bookrunners for the Rule 144A deal.

Goodyear will use proceeds for general corporate purposes, which may include the temporary repayment of the company's revolving credit facilities.

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