Tenneco completes $830M refinancing |
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Mon, 19 Mar 2007 18:38
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LAKE FOREST, Ill. (AP) - Tenneco Inc. on Monday said it refinanced its existing $831 million senior credit facility with a new $830 million facility to enhance the maker of emission control and other products' financial flexibility.The new senior credit facility includes a 5-year, $550 million revolving line of credit; a 5-year term loan A facility of $150 million; and a 7-year synthetic letter of credit facility of $130 million.Tenneco used the initial proceeds to repay about $356 million of outstanding term loans under its existing credit facility, and to replace another $475 million of existing credit, including a $320 million revolving line set to expire in December 2008.Shares of Tenneco added 46 cents to $24.91 in afternoon trading on the New York Stock Exchange.Copyright 2007 Associated Press. All rights reserved. This material may not be published, broadcast, rewritten, or redistributed.
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