Tenneco driving by with $365 million 5.5-year bullet notes

By Paul A. Harris

Portland, Ore., April 24 – Tenneco Inc. plans to price a $364.5 million offering of 5.5-year senior bullet notes in a Wednesday drive-by, according to market sources.

Initial guidance has the notes coming with an 11% coupon, with an original issue discount of 87 to 88.

RBC Capital Markets LLC is leading the deal.

The Northville, Mich.-based auto parts manufacturer plans to use the proceeds to repay the remainder of its bridge loan.

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