Tenneco today announced the results of its previously announced cash tender offer for any and all of its $500 million 6 7/8 percent senior notes due 2020, which expired at 5 p.m. EST on June 10.
Pursuant to the tender offer, Tenneco has accepted for purchase $324.4 million (approximately 65 percent) of the 2020 notes, which were validly tendered (and not validly withdrawn), excluding $1.9 million of the 2020 notes that remain subject to guaranteed delivery procedures.
Tenneco further announced it will redeem all of its 2020 notes that remain outstanding following the settlement of the tender offer at a redemption price of 103.438 percent of the principal amount thereof, plus accrued and unpaid interest to, but not including, the redemption date. The redemption date is expected to be July 13.
Tenneco has used or will use the net proceeds from its previously announced offering of $500 million 5 percent senior notes due 2026, together with cash on hand or available liquidity, to purchase the 2020 notes tendered in the offer, to redeem the 2020 notes pursuant to the redemption and to pay fees, premiums, expenses and accrued and unpaid interest related to the tender offer and the redemption.