LAKE FOREST, Ill., Nov. 13, 2020 /PRNewswire/ -- Tenneco Inc.
(NYSE: TEN) ("Tenneco") today announced that it will redeem all of
its outstanding 4.875% Senior Secured Notes due 2022 (the "Notes")
on December 14, 2020 (the "redemption
date"). The aggregate principal amount outstanding of the Notes is
€415,000,000. The redemption price for the Notes will be equal to
101.21875% of the principal amount thereof, plus accrued and
unpaid interest on the Notes to, but excluding, the redemption
date, for a total payment to holders of €1,020.1771 per €1,000
principal amount of Notes. The Notes are currently listed on the
Official List of the Luxembourg Stock Exchange and admitted to
trading on the Euro MTF Market.
Tenneco intends to fund the redemption of the Notes with
proceeds from its previously announced offering of senior secured
notes due 2029 (the "New Notes Offering"). Tenneco's
obligation to redeem the Notes is subject to the completion of the
closing of the New Notes Offering. On and after the
redemption date, the Notes will no longer be deemed outstanding,
interest will cease to accrue thereon, and all rights of the
holders of the Notes will cease, except for the right to receive
the redemption price.
Payment of the redemption price for the Notes will be made in
accordance with the applicable procedures of Euroclear Bank S.A. /
N.V. and Clearstream Banking, S.A.
Wilmington Trust, National Association is the trustee for the
Notes, The Bank of New York Mellon, London Branch is serving as paying agent, and
The Bank of New York Mellon (Luxembourg) S.A., is acting as registrar.
This press release is for information purposes only and shall
not constitute the official notice of redemption required under the
indenture governing the Notes, which notice shall be provided by
the Paying Agent on behalf of Tenneco. 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 or any
other securities 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
$17.5 billion and approximately
78,000 team members working at more than 300 sites
worldwide. Through our four business groups, Motorparts, Ride
Performance, Clean Air and Powertrain, Tenneco is driving
advancements in global mobility by delivering technology solutions
for diversified global markets, including light vehicle, commercial
truck, off-highway, industrial, motorsport and the aftermarket.
Visit www.tenneco.com to learn more.
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.