Meritor acquires $245 million of 4.625% convertibles via new offering

By Tali David

Minneapolis, Dec. 4 - Meritor Inc. said it acquired about $245 million of its 4.625% convertible senior notes due 2026 with the proceeds of a new convertible offering, according to a press release.

The notes were acquired for an aggregate purchase price of about $235.7 million, including interest.

Meritor added that on or after March 1, 2016, it may redeem the remaining 4.625% notes at its option, in whole or in part, at par plus accrued interest to the redemption date.

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

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