ArvinMeritor ups purchase price in tender offer for 8¾% notes due 2012

By Angela McDaniels

Tacoma, Wash., Feb. 26 - ArvinMeritor Inc. increased the purchase price it will pay in the tender offer for up to $175 million of its $276 million 8¾% notes due 2012, according to a company news release.

For each $1,000 principal amount accepted for purchase, holders will receive $1,097.50 for notes tendered by 5 p.m. ET on March 8 and $1,067.50 for notes tendered after that time.

Holders will also receive accrued interest up to but excluding the settlement date, which is expected to be March 23.

Prior to the change, the company was offering $1,065 for notes tendered by the early tender date and $1,035 for notes tendered after that time.

The offer began Feb. 23 and will expire at 11:59 p.m. ET on March 22.

ArvinMeritor will fund the purchase with the proceeds of its new notes offering.

Bank of America Merrill Lynch (888 292-0070 or collect 980 388-9217), JPMorgan (866 834-4666 or collect 866 834-3424), Citi (800 558-3745 or collect 212 723-6106) and RBS (877 297-9832 or collect 203 897-6145) are the dealer managers. Global Bondholder Services Corp. (866 540-1500 or collect 212 430-3774) is the information agent and depositary.

ArvinMeritor is a Troy, Mich.-based supplier of integrated systems, modules and components to the motor vehicle industry.

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