Tenneco Completes COVID-19 Covenant Amendments To Senior Credit Facility

May 6, 2020

Source: PR Newswire

Tenneco (NYSE: TEN) announced today that its senior lenders have agreed to amend the financial covenant ratios of its senior secured credit facility, significantly increasing the maximum leverage ratio and decreasing the minimum interest coverage ratio requirements in the company's senior credit facility.  The revised covenant amendments are expected to help the company manage through the anticipated temporary drop in revenue and earnings related to the COVID-19 pandemic while maintaining compliance with senior credit facility terms.

The company sought the amendments in response to the COVID-19 pandemic and the challenging macroeconomic environment and difficult industry conditions that have decreased automotive production volumes globally. These changes are effective beginning with second quarter 2020 and continue through fourth quarter 2022.   More detailed information on the ratio adjustments, pricing and additional changes to the senior secured credit facility can be found in the company's 8-K filing today.

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 2019 revenues of $17.45 billion and approximately 78,000 employees worldwide. On October 1, 2018, Tenneco completed the acquisition of Federal-Mogul, a leading global supplier to original equipment manufacturers and the aftermarket.  In the future, the company expects to separate its divisions to form two new, independent companies: DRiV, an Aftermarket and Ride Performance company, and New Tenneco, a 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


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