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.