Meritor, Inc. today announced it intends, subject to market and other conditions, to offer $300 million aggregate principal amount of unsecured senior notes, due 2025 (the “notes”), in a private placement to qualified institutional buyers, in reliance on Rule 144A, and to non-U.S. persons in offshore transactions, in reliance on Regulation S, under the Securities Act of 1933, as amended.
Each of Meritor’s wholly-owned subsidiaries, from time to time guaranteeing Meritor’s senior secured credit facility (as it may be amended, extended, replaced or refinanced, or any subsequent credit facility), will guarantee the notes on a senior unsecured basis.
The company currently expects to use the net proceeds from the offering of the notes to repay a portion of the outstanding balance under its senior secured credit facility.
The notes to be offered have not been registered under the Securities Act or applicable state securities laws and may not be offered or sold in the United States absent registration or an applicable exemption from the registration requirements of the Securities Act and applicable state securities laws.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy the notes, nor shall there be any offer or sale of the notes in any state in which such offer, solicitation or sale would be unlawful.
SOURCE: Meritor
