|
|
Article: Tenneco Automotive Launches Refinancing Transaction.
- Article from:
- PR Newswire UK Disclose
- Article date:
- November 9, 2004
CopyrightCOPYRIGHT 2004 PR Newswire Association LLC. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
|
Tenneco Automotive Launches Refinancing Transaction
Company Commences Offering of $350,000,000
LAKE FOREST, Ill., Nov. 9 -- Tenneco Automotive
(NYSE: TEN) announced today that the company has commenced a private placement
offering of $350,000,000 of senior subordinated notes. The company intends to
use the net proceeds of this offering, together with cash on hand, to redeem
$350,000,000 aggregate principal amount of its outstanding 11-5/8 percent
senior subordinated notes due in 2009.
These transactions are designed to reduce the company's annual interest
expense by approximately $10 million annually.
The new notes will be ...