Auto parts supplier ArvinMeritor says underwriters purchase 2.6 million shares

ArvinMeritor: Underwriters use 2.6M share option

TROY, Mich. — Auto parts supplier ArvinMeritor Inc. said Monday that underwriters of its public offering have exercised their option to buy an additional 2.6 million shares at $10.50 per share.

The purchase adds to the more than 17.3 million shares already announced, bringing the total offering to more than 19.9 million. The offering is set to close Wednesday.

J.P. Morgan Securities Inc., Citi and UBS Investment Bank are acting as book-running managers for the offering.

The company intends to use proceeds to repay amounts outstanding under its revolving secured credit facility and its U.S. accounts receivable securitization program, and for general expenses.

Shares rose 57 cents, or 4.9 percent, to $12.23.