LAKE FOREST, Ill., March 3, 2021 /PRNewswire/ -- Tenneco Inc.
(NYSE: TEN) ("Tenneco") today announced that it has given notice of
its intention to redeem all of its outstanding 5.000% Senior
Secured Notes due 2024 (the "2024 Secured Notes") and all of its
outstanding Floating Rate Senior Secured Notes due 2024 (the "2024
FR Secured Notes" and, together with the 2024 Secured Notes, the
"Notes") on April 2, 2021 (the
"Redemption Date").
The aggregate principal amount outstanding of the 2024 Secured
Notes is €350,000,000. The redemption price for the 2024 Secured
Notes will be equal to 102.500% of the principal amount
thereof, plus accrued and unpaid interest on such Notes from
January 15, 2021 (the most recent
interest payment date) to, but excluding, the Redemption Date, for
a total payment to holders of €1,035.6944 per €1,000 principal
amount of 2024 Secured Notes.
The aggregate principal amount outstanding of the 2024 FR
Secured Notes is €300,000,000. The redemption price for the 2024 FR
Secured Notes will be equal to 100.000% of the principal
amount thereof, plus accrued and unpaid interest on such Notes from
January 15, 2021 (the most recent
interest payment date) to, but excluding, the Redemption Date, for
a total payment to holders of €1,010.4271 per €1,000 principal
amount of 2024 FR Secured 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"), together with cash on
hand. Tenneco's obligation to redeem each series of Notes is
subject to the completion of the closing of the New Notes Offering
(the "Financing Condition"). Accordingly, the Redemption Date
for each series of Notes may be extended until the Financing
Condition is satisfied or waived by Tenneco in its sole discretion.
If the Financing Condition is not satisfied, Tenneco may elect to
rescind the notice of redemption for any series of Notes, terminate
the redemption for any series of Notes and return any tendered
Notes of such series to the holders thereof. If the
Redemption Date for any series of Notes is extended or the
redemption is terminated, Tenneco will provide notice to
noteholders of such series of Notes no later than 5:00 p.m. New
York time on the business day immediately preceding the
Redemption Date. Unless Tenneco defaults in paying the redemption
price in full for the respective series of Notes on the Redemption
Date and assuming the applicable notice of redemption is not
rescinded, interest on such series of Notes shall cease to accrue
on and after the Redemption Date, and the only remaining right of
the Noteholders of such series of Notes will be to receive payment
of the applicable redemption price upon surrender of their
Notes.
Payment of the redemption price for each series of Notes will be
made in accordance with the applicable procedures of Euroclear Bank
S.A. / N.V. and Clearstream Banking, S.A.
The Bank of New York Mellon, London Branch is serving as trustee and paying
agent, and The Bank of New York Mellon (Luxembourg) S.A., is acting as registrar, for
the 2024 Secured Notes.
Wilmington Trust, National Association is serving as the
trustee, 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, for
the 2024 FR Secured Notes.
This press release is for information purposes only and shall
not constitute the official notice of redemption for each series of
Notes required under the respective indenture governing such series
of Notes, which notice shall be provided by the Paying Agent on
behalf of Tenneco.
About Tenneco
Tenneco is one of the world's leading designers, manufacturers
and marketers of automotive products for original equipment and
aftermarket customers, with 2020 revenues of $15.4 billion and approximately 73,000 team
members working at more than 270 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.