LAKE FOREST, Ill., Nov. 30, 2020 /PRNewswire/ -- Tenneco Inc.
(NYSE: TEN) ("Tenneco") today announced that it has completed its
previously announced notes offering (the "Offering") of
$500 million aggregate principal
amount of 7.875% Senior Secured Notes due 2029 (the "Notes").
The Notes are guaranteed by each of Tenneco's subsidiaries that
guarantees its credit facility and outstanding notes. The
Notes and the subsidiary guarantees are 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 rank
equally with the security interests securing its credit facility
and outstanding secured notes.
Tenneco intends to use the net proceeds of the Offering,
together with available cash, to redeem all of its outstanding
4.875% Senior Secured Notes due 2022 (the "2022 Notes"), including
the payment of premiums, accrued and unpaid interest and expenses
related to such redemption, which is scheduled to occur on
December 14, 2020.
The Notes and the related guarantees are not 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 were 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
$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.
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.
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
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SOURCE Tenneco Inc.