Meritor, Inc. (NYSE: MTOR) announced that it completed the redemption of its outstanding 10-5/8% notes due 2018. The total aggregate redemption price was $276,563,750, including $13,281,250 in accrued interest. The company funded the redemption with proceeds from its $225 million offering of notes completed on Feb. 13, 2014 and cash on hand.
The redemption was made at 105.313% of the principal amount of the notes due, plus accrued and unpaid interest to, but not including, the redemption date of March 15, 2014. Payment was made on March 17, 2014 by The Bank of New York Mellon Trust Company, N.A., the trustee of the indenture governing the notes, in accordance with terms specified in the redemption notice and the redemption procedures of the trustee.