TROY, Mich., March 23, 2010 /PRNewswire via COMTEX/ -- ArvinMeritor, Inc. (NYSE: ARM) today announced the results and proration of its previously announcedtender offer for up to $175 million aggregate principal amount of its 8-3/4% Notes due 2012.
The offer commenced on February 23, 2010 and expired at 11:59 p.m. New York City time on March 22, 2010 (the "Expiration Date"). As of 11:59 p.m. New York City time on the Expiration Date, $264.2 million aggregate principal amount of the notes were validly tendered and not validly withdrawn pursuant to the offer. ArvinMeritor will purchase $175 million aggregate principal amount of notes validly tendered and not validly withdrawn pursuant to the offer, which was the tender cap for the offer. Based on the tender cap and the proration terms of the offer, approximately 66.3% of the notes validly tendered and not validly withdrawn pursuant to the offer will be accepted for purchase by ArvinMeritor.
The Total Consideration for each $1,000 principal amount of notes tendered pursuant to the offer is $1,097.50. The Tender Offer Consideration for each $1,000 principal amount of notes tendered pursuant to the offer is $1,067.50, which consists of the Total Consideration minus the Early Tender Payment (which is $30.00 for each $1,000 principal amount of notes).
Holders of notes that were validly tendered and not validly withdrawn at or before 5:00 p.m. New York City time on the Early Tender Date of March 8, 2010 will receive the Total Consideration for their notes that are accepted for purchase. Holders of notes that were validly tendered after 5:00 p.m. New York City time on the Early Tender Date and at or before 11:59 p.m. New York City time on the Expiration Date will receive the Tender Offer Consideration for their notes that are accepted for purchase.
In addition to any consideration received, holders who tendered notes that are accepted for payment in the offer will be paid any accrued and unpaid interest calculated up to but not including the settlement date. The settlement date is expected to be today, March 23, 2010. All notes tendered but not accepted for purchase will be promptly returned to, or credited to the account of, the tendering holder.
BofA Merrill Lynch, J.P. Morgan, Citi and RBS Securities are the dealer managers for the offer. Global Bondholder Services Corporation is the Information Agent and Depositary for the offer. This news release is neither an offer to purchase nor a solicitation of an offer to sell the securities. The offer is made only by the Offer to Purchase dated February 23, 2010, and the information in this news release is qualified by reference to the Offer to Purchase. Persons with questions regarding the offer should contact BofA Merrill Lynch at (888) 292-0070 (U.S. toll free) or (980) 388-9217 (collect), J.P. Morgan at (866) 834-4666 (U.S. toll free) or (866) 834-3424 (collect), Citi at (800) 558-3745 (U.S. toll free) or (212) 723-6106 (collect) or RBS Securities at (877) 297-9832 (U.S. toll free) or (203) 897-6145 (collect). Requests for documents should be directed to Global Bondholder Services Corporation at (866) 540-1500 or (212) 430-3774 (collect).
ArvinMeritor, Inc. is a premier global supplier of a broad range of integrated systems, modules and components to original equipment manufacturers and the aftermarket for the transportation and industrial sectors. The company marked its centennial anniversary in 2009, celebrating a long history of 'forward thinking.' The company serves commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets, and light vehicle manufacturers. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For important information about the company, visit ArvinMeritor's Web site at: http://www.arvinmeritor.com/.
This press release contains statements relating to future results of the company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements are typically identified by words or phrases such as "believe," "expect," "anticipate," "estimate," "should," "are likely to be," "will" and similar expressions. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in filings of the company with the SEC. These forward-looking statements are made only as of the date hereof, and the company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise, except as otherwise required by law.
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SOURCE ArvinMeritor, Inc.