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Bulletin: Tenneco Inc.'s Stock Offering Of 10 Million Shares Has No Immediate Effect On The Rating Nov 09
Standard & Poors, Nov 2009
Abstract
NEW YORK (Standard & Poor's) Nov. 18, 2009--Standard & Poor's Ratings Services said today that it views Tenneco Inc.'s (B-/Positive/--) public offering of 10 million shares of its common stock as a modest benefit, but it has no immediate effect on the company's rating. The company plans to use the net proceeds of the offering to repay borrowings under its revolving credit facility and for general corporate purposes. The equity issuance and debt reduction will help the company's liquidity incrementally. At Sept. 30, 2009, Tenneco had $137 million in cash and cash equivalents on its balance sheet, and $242 million in borrowings under its $680 million revolving credit facility ($390 million available). We currently expect the amount of proceeds raised...
Companies mentioned in this report are: Tenneco Inc.
Action: Bulletin
Standard and Poors RatingsXpress Credit Research provides in-depth coverage of international corporates, financial institutions, insurance companies, utilities, sovereigns and structured finance programs. RatingsXpress Credit Research lets users determine the credit rating of holdings and identify key factors underlying an issuer's creditworthiness, distinguishes the different risk exposures for new and existing deals, and provides an understanding of how their analysts interpret key regulatory, political and environmental events and their economic impact.
Research type: News
This product is a is a brief one-page announcement of no more than 500 words with a quote from the analyst. It is media and investor focused with no accompanying commentary article.
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