Tenneco (TEN) Prices 12M Common Offering at $16.50/Share
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Tenneco Inc. (NYSE: TEN) today announced that the public offering of 12,000,000 shares of its common stock has priced at $16.50 per share. The offering includes a 30-day option for the underwriters to purchase up to an additional 1,800,000 shares of its common stock to cover over-allotments, if any.
Tenneco expects to receive $187 million in net proceeds from the sale of its common stock, plus any proceeds received from the exercise by the underwriters of their over-allotment option. Tenneco intends to use the proceeds to repay outstanding borrowings under its revolving credit facility (without reducing the commitments under the revolving credit facility) and for general corporate purposes. The closing of the offering is expected to occur on November 24, 2009, subject to customary closing conditions.
J.P. Morgan Securities Inc., BofA Merrill Lynch, and Deutsche Bank Securities Inc. are acting as joint book-running managers of the offering. The offering is being made pursuant to an effective shelf registration statement that was previously filed with the Securities and Exchange Commission (SEC).
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