HomeIndustry ReleasesMeritor Sets Redemption of 4.00% Convertible Senior Notes Due 2027

Meritor Sets Redemption of 4.00% Convertible Senior Notes Due 2027

TROY, Mich. — Meritor, Inc. (NYSE: MTOR) announced on May 8 that it has issued a notice of redemption for all of its outstanding $5,569,000 aggregate accreted principal amount of 4.00 percent convertible senior notes due 2027 (the “Notes”).

The redemption date is June 7, 2019 (“Redemption Date”) and the redemption price will be equal to 100 percent of the accreted principal amount of the Notes to be redeemed, plus accrued and unpaid interest, if any (including additional interest, if any), thereon up to but excluding the Redemption Date.

From and after the Redemption Date, the Notes will no longer be outstanding, and interest will cease to accrue unless Meritor defaults in making the redemption payment.

As a result of the issuance of the notice of redemption, the Notes are convertible at any time prior to the close of business on June 7, 2019 at a rate of 37.4111 shares of common stock per $1,000 original principal amount of the Notes (which is equivalent to a conversion price of approximately $26.73 per share).

The Notes surrendered for conversion will be settled in cash up to the accreted principal amount of the Notes surrendered for conversion and cash, stock or a combination of cash and stock, at Meritor’s election, for the remainder of the conversion obligation, if any, in excess of the accreted principal amount, in accordance with the provisions of the indenture.

The notice of redemption containing information required by the indenture governing the redemption and conversion of the Notes was sent to registered holders of the Notes today. Copies of the notice of redemption and additional information relating to the procedure for redemption and/or 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:

111 Sanders Creek Parkway
East Syracuse, NY 13057
Tel: 800-254-2826

Conversion Agent:
2 N. LaSalle St. Ste. 700
Chicago, IL 60602
Tel: 00-254-2826

In accordance with the instructions specified in the notice of redemption, the Notes are to be surrendered to the Bank of New York Mellon Trust Company, N.A., in exchange for payment of the redemption price. Payment of the redemption price is expected to be made on June 7, 2019.

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

About Meritor, Inc.

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 comprised of approximately 8,600 diverse employees who apply their knowledge and skills in manufacturing facilities, engineering centers, joint ventures, distribution centers and global offices in 19 countries. Meritor’s common stock is traded on the New York Stock Exchange under the ticker symbol MTOR. meritor.com

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