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Tenneco pushes redemption date for notes due 2024, 2026 to Nov. 17
By Wendy Van Sickle
Columbus, Ohio, Nov. 10 – Tenneco Inc. extended the redemption date for its conditional call for all of its outstanding 5 3/8% senior notes due 2024 and all of its outstanding 5% senior notes due 2026.
The redemption date has been pushed out to Nov. 17 from Nov. 14, according to a news release Thursday. The redemption was previously extended from Nov. 7 and from Oct. 7.
As reported on Oct. 6, Tenneco plans to redeem the $225 million of outstanding 2024 notes at 100.896 plus accrued interest for a total payment of $1,030.16 per $1,000 principal amount and the $500 million of outstanding 2026 notes at 101.667 plus accrued interest for a total payment of $1,032.23 per $1,000 principal amount.
The redemption is conditioned on the completion of the acquisition of Tenneco by Pegasus Holdings III, LLC, an affiliate of certain investment funds managed by affiliates of Apollo Global Management, Inc. The parties entered into a plan of merger on Feb. 22, 2022.
The redemption is also subject to a financing condition.
U.S. Bank NA is the trustee.
Tenneco is a Lake Forest, Ill.-based company that manufactures vehicle parts for the original equipment markets and aftermarket.
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