Meritor 7.875% notes due 2026 now convertible through Dec. 30

By Marisa Wong

Morgantown, W.Va., Sept. 29 – Meritor, Inc. said holders are entitled to convert their 7.875% convertible senior notes due 2026 from Oct. 1 to the close of business on Dec. 30.

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 share price of the company’s common stock for at least 20 trading days during the 30 consecutive trading days ended Sept. 29 was greater than 120% of the conversion price in effect on that date, according to a press release.

The notes were also convertible from July 1 through the close of business on Friday.

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

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