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ArvinMeritor Repays Term Loan B Due 2012

Reduces Senior Secured Revolving Credit Facility Due 2011 from $980 million to $900 million and Amends Terms

TROY, Mich., Feb. 23 /PRNewswire-FirstCall/ -- ArvinMeritor, Inc. (NYSE: ARM) announced today that it has repaid in full the $169.5 million aggregate principal amount of its outstanding Term Loan B due in 2012. Net proceeds from the recent issue of convertible senior unsecured notes along with other sources were used to fund the repayment.

The company also announced that lenders participating in the Senior Secured Revolving Credit Facility due in 2011 have unanimously approved amendments to the facility. The amendments include a reduction of the revolving credit facility from $980 million to $900 million in addition to less restrictive financial covenant levels. Jim Donlon, senior vice president and CFO said, "While the reductions and improvements to our revolving credit facility were not required, they demonstrate our ongoing effort to continuously improve our balance sheet." He continued, "With the recently announced agreement to sell our Emissions Technologies Group, the need for facilities of more than $1 billion is no longer necessary. We believe the enhancements will provide additional financial flexibility as we focus on transforming our company and we are pleased with the support of our bank group in helping us achieve our goals."

About ArvinMeritor

ArvinMeritor, Inc. is a premier global supplier of a broad range of integrated systems, modules and components to the motor vehicle industry. The company serves light vehicle, commercial truck, trailer and specialty original equipment manufacturers and certain aftermarkets from more than 110 manufacturing facilities globally. Headquartered in Troy, Mich., ArvinMeritor employs approximately 27,500 people in 26 countries. ArvinMeritor common stock is traded on the New York Stock Exchange under the ticker symbol ARM. For more information, visit the company's Web site at: http://www.arvinmeritor.com/.

Forward-Looking Statements

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 global economic and market cycles and conditions; the demand for commercial, specialty and light vehicles for which the company supplies products; risks inherent in operating abroad (including foreign currency exchange rates and potential disruption of production and supply due to terrorist attacks or acts of aggression); availability and cost of raw materials, including steel; OEM program delays; demand for and market acceptance of new and existing products; successful development of new products; reliance on major OEM customers; labor relations of the company, its suppliers and customers, including potential disruptions in supply of parts to our facilities or demand for our products due to work stoppages; the financial condition of the company's suppliers and customers, including potential bankruptcies; possible adverse effects of any future suspension of normal trade credit terms by our suppliers; potential difficulties competing with companies that have avoided their existing contracts in bankruptcy and reorganization proceedings; successful integration of acquired or merged businesses; the ability to achieve the expected annual savings and synergies from past and future business combinations and the ability to achieve the expected benefits of restructuring actions; success and timing of potential divestitures, including our recently announced agreement to sell our Emissions Technologies business; potential impairment of long-lived assets, including goodwill; competitive product and pricing pressures; the amount of the company's debt; the ability of the company to continue to comply with covenants in its financing agreements; the ability of the company to access capital markets; credit ratings of the company's debt; the outcome of existing and any future legal proceedings, including any litigation with respect to environmental or asbestos-related matters; rising costs of pension and other post-retirement benefits and possible changes in pension and other accounting rules; as well as other 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.

(Logo: http://www.newscom.com/cgi-bin/prnh/20010524/ARVINLOGO )

SOURCE ArvinMeritor, Inc.

CONTACT:
Media Inquiries
Lin Cummins
1-248-435-7112
or
linda.cummins@arvinmeritor.com
or
Investor Inquiries
Terry Huch
1-248-435-9426
or
terry.huch@arvinmeritor.com
both of ArvinMeritor, Inc.

 
 
 
 
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