ArvinMeritor prices $250 million notes offering with interest rate of 10.625 percent
By APFriday, February 26, 2010
ArvinMeritor prices $250 million notes offering
TROY, Mich. — Auto parts supplier ArvinMeritor Inc. said Friday it has priced its offering of $250 million in senior unsecured notes with an interest rate of 10.625 percent.
The notes will mature in March 2018. The offering is expected to close on March 3, subject to customary closing conditions.
The company plans to use the proceeds to buy back up to $175 million of its 8.75 percent notes due in 2012 as well as for general expenses.
BofA Merrill Lynch, JPMorgan Securities Inc., Citi and RBS Securities Inc. are book-running managers for the offering.
ArvinMeritor shares fell 16 cents to $11.50 in after-hours trading Friday after closing the regular session up 4.9 percent at $11.66.
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