Meritor calls $84.4 million principal amount of 8 1/8% notes due 2015

By Susanna Moon

Chicago, Aug. 21 – Meritor Inc. issued a call to redeem its outstanding $84,396,000 principal amount of 8 1/8% notes due 2015, according to an 8-K filing with the Securities and Exchange Commission.

The company will redeem the notes on Sept. 20 at the greater of par and the sum of the present values of the remaining scheduled payments of principal and interest on the notes, excluding interest accrued to the redemption date, discounted to the redemption date on a semiannual basis, assuming a 360-day year consisting of 12 30-day months, at the adjusted Treasury rate, which will be calculated on the third business day preceding the redemption date plus 50 basis points plus accrued interest to but excluding the redemption date.

Settlement has been slated for Sept. 22.

The notes may be delivered to Bank of New York Mellon Trust Co., NA, as successor to BNY Midwest Trust Co. as successor to Chase Manhattan Bank.

Meritor is a Troy, Mich.-based auto components maker.

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