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    Thursday, November 19, 2009

    Tenneco Prices Offering Of 12 Mln Shares At $16.50

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    By Robert Daniel
    MarketWatch Pulse
       

      TEL AVIV -- Tenneco Inc., the Lake Forest, Ill., automotive-equipment producer, late on Wednesday priced a public offering of 12 million common shares at $16.50. Tenneco shares closed Wednesday at $16.98. The underwriters have an option on 1.8 million more shares if demand for the offering requires. Excluding the option, Tenneco expects proceeds of $187 million, which it plans to use to pay down its revolving-credit line and for other purposes. J.P. Morgan Securities, Bank of America Merrill Lynch and Deutsche Bank are running the books.

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