logo
Share SHARE
FONT-SIZE Plus   Neg

Tenneco Inks Senior Credit Facility Worth $1.1 Bln In Refinancing Move

Tenneco Inc. (TEN) Thursday reported replacing its current senior credit facility, worth $834 million, with a similar facility worth $1.1 billion, in a refinancing transaction that may close later on Thursday. The move is expected to lower annual interest expense while raising the size and expanding the term of the debt.

The new facility comprises a $850 million revolving credit facility which matures March 22, 2017 and also a $250 million loan A facility with the same final maturity date, but requiring quarterly installments. The interest rate is anticipated to be LIBOR plus 2.50 percent for borrowings under either of the facilities.

Also, the loan A facility may be used to repurchase the company's 8 1/8 percent senior notes due 2015, which are worth $250 million, through a tender offer.

by RTT Staff Writer

For comments and feedback: editorial@rttnews.com

Business News

Quick Facts

Editors Pick
Chipotle Mexican Grill (CMG) is giving away free food and drinks this September as the restaurant chain still struggles to boost its sales that has been sluggish after outbreaks of E.coli, salmonella and norovirus at its restaurants. The chain is offering free kids meals every Sunday in September... It seems that Colonel Sanders' nephew unknowingly disclosed the secret blend of 11 herbs and spices behind KFC's fried chicken, which the food chain touts as the most heavily-guarder food recipe in the world. However, KFC executives refutes the report and insist that its 11-spice "Original Recipe"... QSR Brands, Malaysia's largest fast food operator, is planning for an initial public offering worth more than $400 million, according to the Wall Street Journal.
comments powered by Disqus
Follow RTT