Tenneco Prices $225 Mln Senior Notes Offering

(RTTNews) - Tenneco Inc. (TEN) said Tuesday that it has priced an offering of $225 million of 5 3/8% senior notes due 2024.

The company plans to use the proceeds of the offering net of related fees and expenses, together with cash on hand or available liquidity, to purchase any and all of its outstanding $225 million 7 3/4% senior notes due 2018 tendered in the tender offer launched November 20, 2014 and to redeem any of such notes that are not tendered. The transactions are expected to reduce Tenneco's annual interest expense by about $5 million.

Tenneco expects to record a charge in the fourth quarter of about $13 million in respect of the solicitation of consents and purchase of its 7 3/4% senior notes.

The offering is not conditioned upon the consummation of the tender offer.