Add to balance / Manage account | User: | Log out |
Prospect News home > News index > List of issuers M > Headlines for Meritor Inc. > News item |
Meritor announces conversion option for 7.875% convertibles due 2026
By Wendy Van Sickle
Columbus, Ohio, Dec. 29 – Meritor, Inc. said holders are entitled to convert their 7.875% convertible senior notes due 2026 from Jan. 1 through the close of business on March 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 $12.00 a share.
The notes are convertible because the closing price of shares of the company’s common stock for at least 20 trading days during the 30 consecutive trading-day period ending on Dec. 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.
© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere.
For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.