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Meritor plans to sell $225 million 10-year notes in Monday drive-by
By Paul A. Harris
Portland, Ore., Feb. 10 - Meritor, Inc. plans to price a $225 million offering of 10-year senior notes on Monday following a late-morning conference call with investors, according to a market source.
J.P. Morgan Securities LLC, BofA Merrill Lynch, Citigroup Global Markets Inc., RBC Capital Markets and RBS Securities Inc. are joint bookrunners for the public offering.
BNP Paribas Securities Corp., PNC Capital Markets LLC, Fifth Third Securities Inc., Huntington and Comerica are the co-managers.
The notes come with five years of call protection.
The Troy, Mich.-based auto components manufacturer plans to use the proceeds to fund a portion of the redemption of $250 million of its outstanding 10 5/8% notes due 2018 and the outstanding balance of its term loan.
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