TEXT-S&P rates ArvinMeritor proposed notes 'CCC-'

Newswire

(The following statement was released by the rating agency) -- U.S.-based auto supplier ArvinMeritor Inc. has proposed to issue $250 million in secured notes and $158 million in equity to launch a tender of $175 million of existing 8.75% senior notes due 2012 and bolster liquidity. -- If the company issues debt and equity that combined exceeds $275 million, the bank facility amendment made on Feb. 5, 2010 extends the credit facility due to mature in June 2011. -- We are assigning a ...

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