) announced the pricing of senior unsecured notes of $275 million
due to mature on Jun 25, 2021 and carrying interest of 6-3/4%.
The sale of the notes is expected to close on May 31, 2013,
subject to customary closing conditions.
FEDERAL MOGUL-A (FDML): Free Stock Analysis
MERITOR INC (MTOR): Free Stock Analysis
TOWER INTL INC (TOWR): Free Stock Analysis
VISTEON CORP (VC): Free Stock Analysis Report
To read this article on Zacks.com click here.
The proceeds from this offering will be utilized to buyback all
or part of the company's 8-1/8% notes due 2015, which was
previously announced in the cash tender offer and consent
solicitation and for general corporate purposes. Citigroup, JP
Morgan, BofA Merrill Lynch, RBS and UBS Investment Bank will act
as the joint book-running managers for the offering.
Headquartered in Troy, Mich., Meritor is a global automotive
parts manufacturer and supplier to various customers in North
America, Europe and other parts of the world. The company
operates manufacturing facilities in North America, South
America, Europe and Asia-Pacific. Currently, shares of the
company retain a Zacks Rank #3 (Hold).
Meritor reported a significant fall in adjusted income to $6.0
million or 6 cents per share in the second quarter of fiscal 2013
compared with $32.0 million or 33 cents in the year-ago quarter.
However, earnings per share surpassed the Zacks Consensus
Estimate by 5 cents.
Revenues went down 21.7% to $908.0 million, missing the Zacks
Consensus Estimate of $934.0 million. The decline in revenues was
due to lower sales volumes in global markets excluding South
Some stocks that are performing well in the industry include
Tower International, Inc.
). All these companies carry a Zacks Rank #1 (Strong Buy).