ArvinMeritor plans $175 million of 20-year convertibles; price talk not disclosed

By Kenneth Lim

Boston, Feb. 5 - ArvinMeritor Inc. plans to sell $175 million of 20-year convertible senior unsecured notes and an over-allotment option for a further $25 million.

Price talk and the bookrunners were not disclosed for the private placement.

ArvinMeritor, a Troy, Mich.-based auto components maker, said it expects to use the proceeds of the deal to fully repay its $169.5 million term loan due 2012. If it decides not to repay that loan, it will use the proceeds for general purposes, including retiring other debt or funding certain pension or other long-term liabilities.

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