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Meritor Buying Back Debt

Meritor  (NYSE: MTOR  )  has launched a cash tender offer for its 8.125% notes maturing in 2015. The company is offering $1,140 in total for each $1,000 in principal value of the notes, plus accrued and unpaid interest.

The auto parts supplier is offering $30 for the early tender of the notes as well as $1,110 as tender consideration. The offer is subject to certain conditions, including Meritor's receipt of proceeds from a debt financing transaction sufficient to purchase and pay for all the accrued interest on the notes that are tendered and accepted for purchase. 

This offer expires at 12:01 a.m. New York City time on June 5.

All told, the issue has an aggregate principal amount of $251 million. Only those noteholders who tender their notes before 5:00 p.m. on May 17 New York City time will receive the early tender premium.

Citigroup's eponymous Global Markets unit is the dealer manager and solicitation agent in the tender.


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9/29/2016 4:02 PM
MTOR $10.57 Down -0.31 -2.85%
Meritor CAPS Rating: **