Tenneco Announces Closing of Notes Offering
Tenneco Inc. (NYSE: TEN) has successfully completed an $800 million offering of 5.125% Senior Secured Notes due 2029. These notes are backed by Tenneco's subsidiaries and secured by first priority interests in the majority of Tenneco's assets. The funds will be used to redeem outstanding 5.000% Senior Secured Notes and Floating Rate Senior Secured Notes due 2024, with the redemption scheduled for April 2, 2021. The notes were sold under Rule 144A and Regulation S, catering specifically to institutional buyers and non-U.S. persons.
- Successfully raised $800 million through Senior Secured Notes offering.
- Funds will be used to redeem higher interest 2024 Secured Notes, potentially reducing future interest expenses.
- Secured notes are subject to risks and uncertainties that could affect Tenneco's financial performance.
LAKE FOREST, Ill., March 17, 2021 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) ("Tenneco") today announced that it has completed its previously announced notes offering (the "Offering") of
The Notes are guaranteed by each of Tenneco's subsidiaries that guarantees its credit facility and outstanding notes. The Notes and the subsidiary guarantees are secured by first priority security interests in substantially all of Tenneco's and the subsidiary guarantors' assets, subject to certain excluded assets, exceptions and permitted liens, which security interests rank equally with the security interests securing its credit facility and outstanding secured notes.
Tenneco intends to use the net proceeds of the Offering, together with cash on hand, to redeem all of its outstanding
The Notes and the related guarantees are not registered under the Securities Act of 1933, as amended (the "Securities Act") or any state securities laws, and may not be offered or sold in the United States or to U.S. persons absent registration or an applicable exemption from such registration requirements. Accordingly, the Notes and the related guarantees were offered and sold only to persons reasonably believed to be qualified institutional buyers in reliance on Rule 144A under the Securities Act and to non-U.S. persons in offshore transactions outside the United States in accordance with Regulation S under the Securities Act.
This press release shall not constitute an offer to sell or the solicitation of an offer to buy, nor shall there be any sale of, the Notes in any state or other jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or other jurisdiction.
About Tenneco
Tenneco is one of the world's leading designers, manufacturers and marketers of automotive products for original equipment and aftermarket customers, with 2020 revenues of
Cautionary Note Regarding Forward-Looking Statements
The disclosures herein concerning the Offering and the use of net proceeds of the Offering include statements that are "forward looking" within the meaning of federal securities law. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.
Investor inquiries
Linae Golla
847 482-5162
lgolla@tenneco.com
Rich Kwas
248 849-1340
rich.kwas@tenneco.com
Media inquiries
Bill Dawson
847 482-5807
bdawson@tenneco.com
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SOURCE Tenneco Inc.
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