TEN Tsakos Energy Navigation Ltd

   DOW JONES NEWSWIRES 
 

Tenneco Inc. (TEN) plans to publicly offer 10 million common shares, with proceeds earmarked for repayment of its revolving credit facility and for general corporate purposes.

The auto supplier in October posted a narrower third-quarter loss as cost cuts boosted margins and the prior year had hefty tax-related charges. Those improved results, along with the company's recent decision to begin reversing wage cuts to salaried workers, indicated a brightening outlook for the company, which has been racked by the plunge in car sales.

Shares of Tenneco were down 5.3% at $15.10 in after-hours trading. The stock is down 17% from its 52-week high in August, but it is well above the 67-cent low in March.

The offering, which has an overallotment option for another 1.5 million shares, will boost shares outstanding by at least 8.8%.

-By Jay Miller, Dow Jones Newswires; 212-416-2355; jay.miller@dowjones.com