Tenneco borrows $700 million under revolver, plans further draws

By Sarah Lizee

Olympia, Wash., April 3 – Tenneco Inc. drew down $700 million under its $1.5 billion revolving credit facility, according to a press release.

The company said it intends to further increase the revolver drawdown to about $1.2 billion in the near term to further add to cash balances and mitigate the impact from the global production slowdown.

Tenneco has no significant near-term debt maturities.

The revolver matures in October 2023 and is subject to customary leverage and interest coverage ratios.

The company said it is confident all covenant requirements have been maintained for the first quarter and will continue to monitor the impact of the global production slowdown to determine if a covenant amendment will be required for the balance of the year.

Tenneco is a Lake Forest, Ill.-based designer, manufacturer and marketer of ride performance and clean air products and systems for automotive and commercial vehicle original equipment markets and the aftermarket.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.