Goodyear Announces Pricing of $1 Billion of Senior Notes


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AKRON, Ohio, May 6, 2009 -- The Goodyear Tire & Rubber Company today announced that it has priced its offering of $1 billion aggregate principal amount of 7-year senior notes. The notes will be senior unsecured obligations of the company. They will be sold at 95.846% of the principal amount and will bear interest at a rate of 10.5%. Goodyear expects the offering to close on May 11, 2009, subject to customary closing conditions.

The offering was increased from a previously announced offering size of $500 million.

Goodyear intends to use the net proceeds from this offering, together with current cash and cash equivalents and unused availability under its credit facilities, for general corporate purposes, which will include the repayment on or prior to maturity of $500 million in aggregate principal amount of its senior floating rate notes due December 1, 2009.

J.P. Morgan Securities Inc., Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and Goldman, Sachs & Co. served as joint book-running managers for the offering.

A shelf registration statement was filed with the U.S. Securities and Exchange Commission and became automatically effective upon filing on May 5, 2009. The offering of the notes may be made only by means of a prospectus supplement and accompanying prospectus, copies of which may be obtained from:

  J.P. Morgan Securities Inc.               Citigroup Global Markets Inc.
  Syndicate Desk - Michael Rutherford  David Lewis
  270 Park Ave.                                   390 Greenwich St., 1st Floor
  New York, NY 10017                         New York, NY 10017
  telephone: 800-245-8812                    telephone: 212-723-6020

  Deutsche Bank Securities Inc.          Goldman, Sachs & Co.
  Meirav Azoulay                                Prospectus Department
  60 Wall Street, 2nd Floor                  85 Broad St.
  New York, NY 10005                         New York, NY 10004
  telephone: 212-250-7902                    telephone: 212-902-9316

  The Goodyear Tire & Rubber Company
  Investor Relations Department
  1144 E. Market St.
  Akron, OH 44316
  telephone: 330-796-3751

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