Moody’s applies Ba3 to Tenneco notes

Moody's Investors Service said it assigned a Ba3 to Tenneco Inc.'s new $500 million of senior unsecured notes due 2026.

Net proceeds, along certain other funds, are expected to be used to fund the tender offer of any and all of Tenneco's outstanding $500 million 6 7/8% senior notes due 2020, to redeem any of such notes that are not tendered at a redemption price of 103.438, pay fees, premiums, expenses and unpaid and accrued interest related to the tender offer or redemption.

Moody’s said the transaction is expected to generate interest savings supporting stronger debt service metrics for Tenneco.

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