TEN Tenneco Inc

As previously disclosed, the Company has a revolving credit facility of $1.5 billion pursuant to that certain Credit Agreement, dated October 1, 2018 (as amended, the “Credit Agreement”) by and among the Company and Tenneco Automotive Operating Company Inc., as borrowers, J.P. Morgan Chase Bank, N.A., as administrative agent, and the lenders party thereto. As of March 31, 2020, the Company had $700 million of outstanding borrowings under its revolving credit facility and previously disclosed its intention to increase its drawing under the revolving credit facility to $1.2 billion. This week, the Company has taken actions to further bolster its liquidity position by drawing the remaining amount available under the Credit Agreement, thereby increasing to $1.5 billion the amount of outstanding revolving borrowings under the Credit Agreement. The borrowings are being used to add to the Company’s cash balances and mitigate the impact of the global production slowdown in connection with the COVID-19 pandemic. The revolving credit facility matures in October 2023 and is subject to customary leverage and interest coverage ratios. The borrowings under the revolving credit facility currently bear interest at a rate of LIBOR plus 2.00%, which margin over LIBOR is subject to change based upon the Company’s leverage ratio as more fully described in the Third Amendment to the Credit Agreement which was filed as Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the Securities and Exchange Commission (“SEC”) on May 6, 2020. The foregoing description of the revolving credit facility does not purport to be complete and is qualified in its entirety by the full text of such agreement, which is filed as Exhibit 4.3(a), 4.3(d) and 4.3(e) to the Company’s Annual Report on Form 10-K filed with the SEC on March 2, 2020 and Exhibit 10.1 to the Company’s Current Report on Form 8-K filed with the SEC on May 6, 2020.