Tenneco will make a cash payment of $1,044.38 per $1,000 principal amount, which includes a consent payment of $30.00 per $1,000 principal amount, plus accrued and unpaid interest, to the holders of 2015 Notes who tendered prior to the consent payment deadline. The initial settlement is expected to occur today.The tender offer is scheduled to expire at 8:00 a.m., New York City time, on April 5, 2012. Remaining holders who validly tender their 2015 Notes after the consent payment deadline and before the expiration of the tender offer will be eligible to receive $1,014.38 per $1,000 principal amount of 2015 Notes, plus accrued and unpaid interest. Tenneco intends to call for redemption any 2015 Notes not purchased in the tender offer. Tenneco expects to record approximately $17 million and $1 million in non-recurring pre-tax charges related to refinancing the senior credit facility and retiring the 2015 Notes in the first and second quarters of 2012, respectively. The complete terms and conditions of the tender offer and consent solicitation are described in the Offer to Purchase and Consent Solicitation Statement dated March 8, 2012, copies of which may be obtained from Global Bondholder Services Corporation, the depositary and information agent for the tender offer, at (866) 873-7700 (US toll-free) or (212) 430-3774 (collect). Tenneco has engaged BofA Merrill Lynch to act as the exclusive dealer manager and solicitation agent in connection with the tender offer. Questions regarding the terms of the tender offer may be directed to BofA Merrill Lynch, Liability Management, at (888) 292-0070 (US toll-free) or (980) 387-3907 (collect). This announcement is not an offer to purchase, a solicitation of an offer to sell or a solicitation of consents with respect to any securities. The tender offer and consent solicitation are being made solely by the Offer to Purchase and Consent Solicitation Statement dated March 8, 2012.
Tenneco is a $7.2 billion global manufacturing company with headquarters in Lake Forest, Illinois and approximately 24,000 employees worldwide. Tenneco is one of the world’s largest designers, manufacturers and marketers of emission control and ride control products and systems for the automotive and commercial vehicle original equipment markets and the aftermarket. Tenneco markets its products principally under the Monroe®, Walker® and Clevite®Elastomer brand names.The disclosures herein include statements that are "forward looking" within the meaning of federal securities law concerning Tenneco’s tender offer and consent solicitation. The forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from future results expressed or implied by such forward-looking statements.