Goodyear redemption of $700 million in senior notes saves $15 million annually

Goodyear Tire & Rubber Co. is redeeming $700 million in senior notes on May 15.
The redemption is expected to save the Akron tire maker about $15 million annually in interest rate expense starting in 2018.
The company is redeeming 7 percent senior notes due 2022.
Goodyear said it will use the net proceeds from its $700 million offering of 4.875 percent senior notes due 2027, which closed March 7, together with current cash and cash equivalents, to fund the redemption.
The company said it will have interest expense of $340 million to $365 million this year.