Tenneco Announces Pricing of Notes Offering
Tenneco Inc. announced the pricing of its offering of $500 million aggregate principal amount of 7.875% Senior Secured Notes, set to mature in 2029. The offering, which will close on November 30, 2020, is backed by guarantees from Tenneco's subsidiaries and secured by first-priority interests in nearly all assets. Proceeds will be utilized to redeem existing 4.875% Senior Secured Notes due 2022. The notes will only be offered to qualified institutional buyers and non-U.S. persons, in compliance with relevant securities laws.
- Successful pricing of $500 million notes offering adds liquidity.
- Notes secured by first-priority interests in assets, enhancing security for investors.
- Use of proceeds to redeem high-interest debt improves financial stability.
- None.
LAKE FOREST, Ill., Nov. 13, 2020 /PRNewswire/ -- Tenneco Inc. (NYSE: TEN) ("Tenneco") today announced that it has priced its previously announced notes offering (the "Offering") and has agreed to issue and sell
The Notes will be guaranteed by each of Tenneco's subsidiaries that guarantees its credit facility and outstanding notes. The Notes and the subsidiary guarantees will be 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 will rank equally with the security interests securing its credit facility and outstanding secured notes.
Tenneco intends to use the net proceeds of the Offering to redeem all of its outstanding
The Notes and the related guarantees have not been and will not be 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 will be 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 2019 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. Consummation of the Offering is subject to a number of closing conditions and other factors. 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
View original content to download multimedia:http://www.prnewswire.com/news-releases/tenneco-announces-pricing-of-notes-offering-301172940.html
SOURCE Tenneco Inc.
FAQ
What is Tenneco's recent notes offering effective date?
How much is Tenneco raising through its notes offering?
What is the interest rate on Tenneco's senior secured notes?
What are the proceeds of Tenneco's notes offering being used for?
Who can purchase Tenneco's new notes?
