Meritor 7.875% notes due 2026 may be converted during next quarter

New York, June 29 – Meritor, Inc. said that its 7.875% convertible senior notes due 2026 will be convertible during the quarter from July 2 through Sept. 28.

The conversion rate is 83.3333 shares or a price of $12.00 per share, according to a news release.

Conversions will be settled in cash up to the principal amount of the notes and cash, stock or a combination for the remaining value, at the company’s option.

Under the terms of the notes, the conversion option was triggered because the company’s stock closed at 120% or more of the conversion price for at least 20 trading days during the 30 trading days ending on June 29.

Meritor is a Troy, Mich., supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets.

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