AKRON, OH -- The Goodyear Tire & Rubber Company said it has completed its previously announced redemption of $315 million in senior notes.

Following its successful equity offering in May, Goodyear has exercised its rights to redeem $175 million of its $500 million in 8.625 percent senior notes due in 2011 and $140 million of its $400 million in 9.00 percent senior notes due in 2015.  

"Using proceeds from our equity offering to reduce debt brings us closer to the completion of our Capital Structure Improvement Plan," said Damon J. Audia, Goodyear's vice president and treasurer.

The company has said it expects to use the remaining proceeds of the equity offering as well as proceeds from the pending sale of its engineered products business for general corporate purposes which may include reducing debt, addressing legacy obligations and supporting growth in its core tire businesses.