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Meritor conversion option for 7.875% convertibles due 2026 continues
By Wendy Van Sickle
Columbus, Ohio, June 30 – Meritor, Inc. said holders are entitled to convert their 7.875% convertible senior notes due 2026 from July 1 through the close of business on Sept. 29.
The notes may be converted at a rate of 83.3333 shares of common stock per $1,000 principal amount at maturity, representing a conversion price of about $12 per share.
The notes are convertible because the closing price of shares of the company’s common stock for at least 20 trading days during the 30 consecutive trading-day period ending on June 30 was greater than 120% of the conversion price in effect on that date, according to a press release.
The notes were also convertible from April 1 through the close of business on June 30.
Meritor is a Troy, Mich.-based auto components manufacturer.
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