LAKE FOREST, Ill., March 3, 2021 /PRNewswire/ -- Tenneco Inc. (NYSE:
TEN) ("Tenneco") today announced that it has priced its previously
announced notes offering (the "Offering") and has agreed to issue
and sell $800 million aggregate
principal amount of 5.125% Senior Secured Notes due 2029 (the
"Notes"). The Notes will be sold to investors at par. The Offering
is expected to close on March 17,
2021, subject to customary closing conditions.
The Notes will be guaranteed by each of Tenneco's subsidiaries
that guarantees its credit facility and outstanding notes.
The Notes and the subsidiary guarantees will be 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
will 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 cash on hand, 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"), including the payment of any premiums,
accrued and unpaid interest and expenses related to such
redemption. This press release shall not constitute a notice of
conditional redemption of the 2024 Secured Notes or the 2024 FR
Secured Notes.
The Notes and the related guarantees have not been and will not
be 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 will be 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 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.
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. Consummation
of the Offering is subject to a number of closing conditions and
other factors. 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
View original content to download
multimedia:http://www.prnewswire.com/news-releases/tenneco-announces-pricing-of-senior-secured-notes-offering-301240094.html
SOURCE Tenneco Inc.