Tenneco to sell notes to cover debt
Tenneco Inc., a maker of mufflers, shocks and struts, sold $500 million of 6.875 percent, 10-year senior unsecured notes, according to data compiled by Bloomberg.
The debt yields 366 basis points more than similar-maturity Treasuries, Bloomberg data show.
Proceeds may be used to help finance the Lake Forest-based company's tender for its outstanding $500 million of 8.625 percent senior subordinated bonds due 2014, the company said today in a statement distributed by Business Wire.
A basis point is 0.01 percentage point.
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