Goodyear underwriters exercise option |
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Published
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Fri, 18 May 2007 03:57
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AKRON, Ohio (AP) - Underwriters of Goodyear Tire & Rubber Co.'s public offering of more than 22.7 million shares of common stock have exercised an option that allows them to purchase up to about 3.4 million additional shares to cover overallotments, the company said Thursday.The offering, priced at $33 per share, was made in part to reduce debt and is expected to close May 22.Akron-based Goodyear estimates the proceeds, after deducting underwriting discounts and commissions, will be approximately $834 million.North America's largest tire company intends to use the net proceeds to repay approximately $315 million of debt in notes due in 2011 and 2015 and for general corporate purposes.Deutsche Bank Securities, Citigroup Global Markets and Goldman Sachs & Co. were joint managers for the offering.Goodyear shares rose $1.63 to $34.90 Thursday. The shares have traded within a 52-week range from $9.75 to $35.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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Goodyear announces stock offering 