Meritor 7.875% convertible notes due 2026 convertible through June 29

By Marisa Wong

Morgantown, W.Va., March 29 – Meritor, Inc. said holders are entitled to convert their 7.875% convertible senior notes due 2026 from April 2 through the close of business on June 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 $12.00 a 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-day period ended on March 29 was greater than 120% of the conversion price in effect on that date, according to a press release.

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

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