Meritor to redeem outstanding $5.57 million 4% convertibles due 2027

By Wendy Van Sickle

Columbus, Ohio, May 8 – Meritor, Inc. issued a call to redeem all $5,569,000 of its outstanding 4% convertible senior notes due 2027, according to a press release.

The notes will be redeemed on June 7 at par plus accrued interest to, but excluding, the redemption date.

The notes are convertible at any time prior to the close of business on June 7 at a rate of 37.4111 shares of common stock per $1,000 original principal amount, equivalent to a conversion price of about $26.73 per share. The stock closed at $22.46 a share on Wednesday.

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

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