Tuesday, August 11, 2020
Home Industry Releases Meritor Conversion Option for 7.875 Percent Convertible Senior Notes Due 2026

Meritor Conversion Option for 7.875 Percent Convertible Senior Notes Due 2026

TROY, Mich. — Meritor, Inc. (NYSE: MTOR) announced on Dec. 31 that it is notifying holders of its 7.875 percent Convertible Senior Notes due 2026 (Notes) that they are entitled to convert all or a portion of their Notes at any time beginning Jan. 1, 2020 and prior to the close of business on March 31, 2020, at a rate of 83.3333 shares of common stock per $1,000 principal amount at maturity of the Notes (representing a conversion price of approximately $12.00 per 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. 31, 2019, was greater than 120 percent of the conversion price in effect on Dec. 31, 2019.

The Notes surrendered for conversion will be settled in cash up to the principal amount at maturity of the Notes and cash, stock or a combination of cash and stock, at the company’s election, for the remainder of the conversion value of the Notes in excess of the principal amount at maturity and cash in lieu of any fractional shares, subject to and in accordance with the provisions of the indenture.

The notice of conversion containing information that is required by the indenture governing the conversion of the Notes was sent to registered holders of the Notes today. Copies of the notice of conversion and additional information relating to the procedure for conversion of the Notes may be obtained from the Bank of New York Mellon Trust Company, N.A., as Trustee and Conversion Agent for the Notes, at:

Issuer & Loan Services / CSD – Reorg
111 Sanders Creek Parkway
East Syracuse, NY 13057
315-414-3362

None of the company, its board of directors, or its employees has made or is making any representation or recommendation to any holder as to whether to exercise or refrain from exercising the conversion option.

This announcement does not constitute an offer to buy or sell or a solicitation of an offer to sell or buy securities in any jurisdiction.

About Meritor

Meritor, Inc. is a leading global supplier of drivetrain, mobility, braking and aftermarket solutions for commercial vehicle and industrial markets. With more than a 100-year legacy of providing innovative products that offer superior performance, efficiency and reliability, the company serves commercial truck, trailer, off-highway, defense, specialty and aftermarket customers around the world.

Meritor is based in Troy, Mich., and is made up of approximately 9,100 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. www.meritor.com

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