Meritor tenders, solicits consents for $251.04 million 8 1/8% notes

By Susanna Moon

Chicago, May 8 - Meritor, Inc. said it began a cash tender offer and consent solicitation for its $251,037,000 of outstanding 8 1/8% notes due 2015.

The total purchase price will be $1,140 for each $1,000 principal amount of notes tendered by 5 p.m. ET on May 17, the early date.

The total payment includes a consent payment of $30.00 per $1,000 of notes.

Those who tender their notes after the early deadline will receive $1,110 per $1,000 of notes.

The company also will pay accrued interest to but excluding the settlement date.

Tendered notes may be withdrawn by the consent deadline.

The tender offer will end at 12:01 a.m. ET on June 5.

Holders who tender their notes will be deemed to have delivered consents and holders may not tender notes without delivering consents.

The offer is conditioned on Meritor receiving enough proceeds from a debt financing to fund the offer but is not conditioned on a minimum amount of notes being tendered.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 937-2200 or collect 212 430-3774) is the depositary and the information agent.

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

© 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.