TEN - Tenneco announces new conditional redemption of senior notes

• Tenneco ( NYSE: TEN ) on Thursday withdrew its earlier notice of conditional redemption and issued a new notice of its intent to redeem all outstanding 5?% senior notes due 2024 and all outstanding 5% senior notes due 2026 on Nov. 7.
• Aggregate principal amount outstanding of the 2024 notes is $225M.
• Redemption price for the 2024 notes will be equal to 100.896% of the principal amount thereof, plus accrued and unpaid interest on the notes from Jun. 15 to, but excluding, the redemption date, for a total payment of $1,030.16 per $1K principal amount of notes.
• Aggregate principal amount outstanding of the 2026 notes is $500M.
• Redemption price for the 2026 notes will be equal to 101.667% of the principal amount thereof, plus accrued and unpaid interest on the notes from Jul. 15 to, but excluding, the redemption date, for a total payment of $1,032.23 per $1K principal amount of the notes.
• The obligation of TEN to redeem the notes is conditioned on the completion of its sale to Apollo Management ( APO ).

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