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December 7, 2007 |
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TENNECO INC: Completes Partial Offering of 10-1/4% Senior Notes Tenneco Inc. has completed its partial tender offer and consent solicitation for its 10-1/4% Senior Secured Notes due 2013 (CUSIP 880349AD7). As of midnight, New York City time, on Nov. 30, 2007, the expiration date, holders of Notes had tendered approximately US$474 million principal amount of Notes and Tenneco purchased US$230 million principal amount of such Notes, which was the maximum amount of the offer, or 48.5% of the principal amount of Notes tendered in the offer. The total purchase price of the Notes was US$250 million, including US$20 million in premiums. Holders whose Notes were accepted for purchase were also paid accrued and unpaid interest on their purchased Notes up to, but not including the payment date. Banc of America Securities LLC and Citigroup Global Markets, Inc. served as dealer managers and solicitation agents in connection with the tender offer and consent solicitation. About Tenneco Inc. Based in Lake Forest, Illinois, Tenneco Inc., (NYSE: TEN) -- http://www.tenneco.com/ -- manufactures automotive ride and emissions control products and systems for both the original equipment market and aftermarket. Brands include Monroe(R), Rancho(R), and Fric Rot ride control products and Walker(R) and Gillet emission control products. The company has operations in Argentina, Japan, and Germany, with its European operations headquartered in Brussels, Belgium. The company has approximately 19,000 employees worldwide. * * * As reported in the Troubled Company Reporter on Sept. 26, 2007, Fitch Ratings has placed Tenneco Inc.'s Issuer Default Ratings and securities ratings on Rating Watch Negative. Fitch confirmed these ratings: (i) IDR 'BB-'; (ii) Senior secured bank facility 'BB+'; (iii) Senior secured notes 'BB'; and (iv) Subordinated 'B'. |
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