Tenneco Inc. Prices Public Offering of Common Stock at $16.50
November 18 2009 - 6:30PM
Business Wire
Tenneco Inc. (NYSE:TEN) today announced that the public offering
of 12,000,000 shares of its common stock has priced at $16.50 per
share. The offering includes a 30-day option for the underwriters
to purchase up to an additional 1,800,000 shares of its common
stock to cover over-allotments, if any.
Tenneco expects to receive $187 million in net proceeds from the
sale of its common stock, plus any proceeds received from the
exercise by the underwriters of their over-allotment option.
Tenneco intends to use the proceeds to repay outstanding borrowings
under its revolving credit facility (without reducing the
commitments under the revolving credit facility) and for general
corporate purposes. The closing of the offering is expected to
occur on November 24, 2009, subject to customary closing
conditions.
J.P. Morgan Securities Inc., BofA Merrill Lynch, and Deutsche
Bank Securities Inc. are acting as joint book-running managers of
the offering. The offering is being made pursuant to an effective
shelf registration statement that was previously filed with the
Securities and Exchange Commission (SEC).
Before you invest, you should read the prospectus in the
registration statement, the prospectus supplement and other
documents Tenneco has filed with the SEC for more complete
information about Tenneco and the offering.
Copies of the final prospectus supplement and the accompanying
prospectus relating to the offering will be available from the SEC,
including from its website at http://www.sec.gov; or from the
offices of J.P. Morgan Securities Inc., Attention: Broadridge
Financial Solutions, 1155 Long Island Ave, Edgewood, NY 11717; or
BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080,
Attention: Prospectus Department or email
Prospectus.Requests@ml.com; or Deutsche Bank Securities Inc.,
Attention: Prospectus Department, 100 Plaza One, Jersey City, New
Jersey 07311.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy any securities nor shall there be
any sale of these securities in any state in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of such state. The offering
of these securities will be made only by means of the prospectus
supplement and the accompanying prospectus.
About Tenneco
Tenneco is a $5.9 billion global manufacturing company with
headquarters in Lake Forest, Illinois and approximately 21,000
employees worldwide. Tenneco is one of the world’s largest
designers, manufacturers and marketers of emission control and ride
control products and systems for the automotive original equipment
market and the aftermarket. Tenneco markets its products
principally under the Monroe® , Walker® , Gillet™ and Clevite®
Elastomer brand names.
The disclosures herein include statements that are "forward
looking" within the meaning of federal securities law concerning
Tenneco's offering. Tenneco's ability to complete such transaction
will depend upon prevailing market conditions and other factors.
The forward-looking statements are subject to these and other risks
and uncertainties that could cause actual results to differ
materially from future results expressed or implied by such
forward-looking statements.
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