Research Update: Tenneco Automotive Inc. Assigned 'B-' on $350 Million Senior Subordinated Debt Nov 04
- ID: 1832123
- November 2004
- Standard & Poors
On Nov. 9, 2004, Standard & Poor's Ratings Services assigned its 'B-' subordinated debt rating to Lake Forest, Ill.-based Tenneco Automotive Inc.'s $350 million senior subordinated notes, due 2014, to be issued in accordance with Rule 144A with registration rights. At the same time, Standard & Poor's affirmed its 'B+' corporate credit rating and all other ratings on Tenneco, a global manufacturer of automotive components. The company has about $1.4 billion of outstanding debt. The outlook is positive. Proceeds from the new debt issue will be used to redeem a portion of the firm's 11 5/8% senior subordinated notes, due 2009. With this transaction, Tenneco expects to reduce annual interest expense by about $10 million. The ratings on Tenneco reflect...
Companies mentioned in this report are:
- Tenneco Inc.
Action: New Rating
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Product Type: Research Update
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