Tenneco Amends Credit Agreement to Provide Increased Flexibility

Tenneco Inc. (NYSE: TEN) today announced that it has reached an agreement with its senior lenders to amend the leverage covenant ratio of its senior credit facility, which increases the Company's maximum net leverage ratio to 4.50 through the first quarter of 2021. Moving forward, the covenant decreases gradually until 3.50 is reached by the fourth quarter of 2022.

"We are pleased to have reached this agreement with our lenders, as the amendment enhances our financial flexibility to respond to challenging market conditions, execute our strategy, and ensure continued compliance with our covenants," said Jason Hollar, executive vice president and chief financial officer of Tenneco. "Lowering our leverage profile and improving our balance sheet remain among our top priorities. We have a disciplined focus on cost reductions and cash flow improvements, in order to position both our business divisions for a successful planned separation."

About Tenneco

Headquartered in Lake Forest, Illinois, Tenneco is one of the world's leading designers, manufacturers and marketers of Aftermarket, Ride Performance, Clean Air and Powertrain products and technology solutions for diversified markets, including light vehicle, commercial truck, off-highway, industrial and the aftermarket, with 2018 pro forma revenue of $17.8 billion and approximately 81,000 employees worldwide. On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket. Additionally, the company expects to separate its businesses to form two new, independent companies, an Aftermarket and Ride Performance company as well as a new Powertrain Technology company.

Investor Inquiries

Linae Golla
847 482-5162
lgolla@tenneco.com

Rich Kwas
248 849-1340
rich.kwas@tenneco.com

Media Inquiries

Bill Dawson
847 482-5807
bdawson@tenneco.com