Tenneco starts tender offer for $225 million of 7¾% notes due 2018

By Jennifer Chiou

New York, Nov. 20 – Tenneco Inc. announced the start of the cash tender offer for any and all of its $225 million of 7¾% senior notes due 2018.

The company has also launched a solicitation of consents to certain proposed amendments to the indenture that would eliminate substantially all restrictive covenants and certain event of default provisions and reduce the minimum notice period to call the notes to five days from 30 days.

The consent solicitation will expire at 5 p.m. ET on Dec. 4.

The tender offer is scheduled to end at 12:01 a.m. ET on Dec. 19.

Those who tender by the early deadline will receive $1,043.50 for each $1,000 principal amount of notes, including a consent payment of $30.00. The company will also pay accrued interest.

Holders may not tender their notes without delivering consents or deliver consents without tendering their notes.

Those who tender after the consent deadline will not receive the consent payment.

Initial settlement is slated for Dec. 5.

The tender offer is conditioned on, among other things, consents from holders of a majority of the notes and financing.

Wells Fargo Securities, LLC (866 309-6319 or 704 410-4760) is the dealer manager and solicitation agent. Global Bondholder Services Corp. (866 470-4500 or 212 430-3774) is the depositary and information agent.

Based in Lake Forest, Ill., Tenneco manufactures and markets emission control and ride control products and systems for the automotive and commercial vehicle original equipment markets and the aftermarket.

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