S&P assigns ArvinMeritor notes BB

Standard & Poor's said it assigned its BB rating to ArvinMeritor Inc.'s $300 million 4.65% convertible senior unsecured notes due 2026.

The agency added the company is expected to use the net proceeds from the note offering, together with proceeds from other sources, including recent asset sales, to fund its pending tender offer for up to $600 million of several outstanding note issues.

S&P noted the ratings on ArvinMeritor reflect the firm's aggressive financial profile.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.