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Meritor buys back $74 million convertibles during repurchase program
By Tali Rackner
Norfolk, Va., Aug. 3 – Meritor, Inc. bought back a total of $74 million in convertible debt during its $210 million repurchase program, according to the company’s fiscal third-quarter report.
The buybacks lowered interest expense, improved the company’s debt maturity profile and mitigated long-term equity dilution risk, the report said.
Meritor authorized the repurchase program in June 2014 for up to $210 million of equity and equity-linked securities. The program has now been completed a quarter early.
On July 21, Meritor’s board of directors authorized a new repurchase of up to $150 million of any of its public debt securities and up to $100 million of its common stock until Sept. 30, 2019.
Meritor is a Troy, Mich.-based auto components manufacturer.
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