Tenneco sets Monday investor call ahead of secured notes offering

By Paul A. Harris

Portland, Ore., Aug. 4 – Tenneco Inc. scheduled an investor conference call at 10:30 a.m. ET on Monday, as it plans to stage a return to the market with debt related to the buyout of the company by Apollo, according to market sources.

That debt became hung-up in the market late last year.

The offering set to roll out on Monday will be comprised of new senior secured notes and a new term loan B.

BofA Securities LLC will lead the notes offering, while Citigroup is the lead arranger for the bank loan.

Proceeds will be used to repay all or a portion of the bridge loan backing the buyout that was completed last November.

At that time, Pegasus Merger Co. and Tenneco Inc. were marketing $1 billion of six-year senior secured notes and a $1.4 billion six-year term loan B, which were eventually pulled from the market.

Tenneco was acquired in a transaction with an enterprise valuation of about $7.1 billion, including debt.

Tenneco is a Lake Forest, Ill.-based supplier of automotive products for original equipment and aftermarket customers.

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