Goodyear Announces Credit Facilities Refinancing Action

AKRON, Ohio, March 21 -- The Goodyear Tire & Rubber Company said today it intends to refinance its principal credit facilities. These include:

   * A $1.5 billion first-lien credit facility due April 30, 2010;
   * A $1.2 billion second-lien term loan facility due April 30, 2010; and
   * A 505 million euro credit facility for the company's Goodyear Dunlop
     Tires Europe affiliate due April 30, 2010.

Goodyear said it expects to amend, restate and extend these facilities to provide for:

   * A $1.5 billion first-lien credit facility due in 2013,
   * A $1.2 billion second-lien term loan due in 2014 and
   * A 505 million euro European revolving credit facility due in 2012.

  

The transaction is subject to normal conditions and the execution of definitive documentation. The facilities are expected to close in April. Goodyear is one of the world's largest tire companies. The company manufactures tires, engineered rubber products and chemicals in more than 90 facilities in 28 countries around the world. Goodyear employs more than 75,000 people worldwide.