Tenneco Seeks To Amend, Extend Senior Credit Facility
By Gary Molinaro | May 21st, 2010 | Category: Greensheet News | No Comments »Lake Forest, IL-based Tenneco is launching a transaction to amend and extend its existing senior credit facility, which currently expires in 2012. Management expects this transaction to enhance the company’s financial flexibility by extending the maturity of all, or a significant portion, of its commitments under the $550-million revolving credit facility and refinancing an existing $128-million term loan “A” facility.
The company expects the extended revolving credit facility will mature in 2014. However, the facility will mature on April 15, 2013, if the company’s senior secured notes are not refinanced by that date or on Dec. 14, 2013, if the company’s tranche “B-1” letter of credit/revolving loan facility is not refinanced by that date. The company expects the new term loan facility will mature in May 2016. However, the facility will mature on April 15, 2013, if the company’s senior secured notes are not refinanced by that date or on Aug. 16, 2014, if the company’s senior subordinated notes are not refinanced by that date.
Tenneco says it is in the process of seeking commitments and consents for the amended and extended senior credit facility. Management expects to be able to complete the amendment and extension during the current quarter.
