AKRON, OH — Goodyear Tire & Rubber has completed a new $650 million secured term loan that was arranged by JPMorgan and Citigroup.

The company said it intends to use approximately $335 million of the proceeds of the loan to partially repay its existing $583 million U.S. term loan. Proceeds will also be used to repay other indebtedness and for general corporate purposes.

Goodyear also announced that its principal lenders have approved amendments to the company’s senior secured credit facilities that will allow for this loan as well as future capital markets transactions that could be secured by a junior lien on certain of the collateral securing the company’s other senior secured U.S. credit facilities.

“We appreciate the high level of support we received in finalizing this transaction,” said Robert Tieken, executive vice president and CFO. “Goodyear is now positioned to move forward with our plan to refinance the loans we put in place last year and to drive the company’s turnaround.”

The company originally announced its plans for the $300 million loan January 27 and its subsequent increase to $650 million on February 3. Goodyear also is moving forward with its previously announced plans for a private senior secured notes offering.

For more information about Goodyear, visit: www.goodyear.com.

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