From Tire Review

AKRON, OH -- The Goodyear Tire & Rubber Co. announced that the underwriters of its public offering have exercised the over-allotment option.

As a result, the company will sell an additional 3,409,091 shares at the offering price of $33 per share. The offering, including the exercise of the over-allotment option, is expected to close on May 22.

Net proceeds, after deducting underwriting discounts and commissions, are expected to be approximately $834 million.

Goodyear intends to use the net proceeds from the offering to redeem approximately $175 million in principal amount of its outstanding 8.625 percent senior notes due in 2011 and approximately $140 million in principal amount of its outstanding 9 percent senior notes due in 2015.

The company expects to use the remaining net proceeds of the offering for "general corporate purposes," which may include, among other things, investments in growth initiatives within the company's core tire businesses and the repayment of additional debt.