TEN - Tenneco gains after report banks slated to start debt sale for Apollo deal next month

• Tenneco ( NYSE: TEN ) rose 1% after a report that banks are set to start a $5.4 billion debt sale in mid-October to financing Apollo Global's ( NYSE: APO ) planned purchase.
• Banks led by Citigroup and Bank of America are set to begin the debt sale shortly after the U.S. holiday on Oct. 10, according to a Bloomberg report.
• The financing update is important as there has been some concern from some investors about financing of the deal and about Apollo's commitment to the transaction.
• Investors are also waiting to hear when Tenneco will file its deal with the European Commission. Earlier this month Dealreporter said that Apollo ( APO ) plans to file the  purchase of the autoparts supplier with the EC imminently.
• Bloomberg reported in late July that banks had delayed the $5.4 billion financing for the $20/share buyout of the autoparts supplier.

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