RBC-Led Banks Offer Juicy Yield to Offload Last of Tenneco Debt [BNN Bloomberg (Canada)]
Bank of America Corporation (BAC)
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Source: BNN Bloomberg
The debt deal is being discussed at a discounted price of 87 to 88 cents on the dollar, according to a person with knowledge of the matter, and is being offered at a coupon of 11%, according to bond documents seen by Bloomberg. The notes, which are rated Caa1 by Moody's Ratings and mature in 2029, are expected to price Wednesday. Proceeds, along with cash on hand, will be used to repay a portion of the company's senior unsecured bridge facility. Apollo and RBC declined to comment. A representative for Tenneco didn't respond to a request for comment. In total, the financing package for Apollo's buyout of the auto-parts maker was $5.4 billion. The size of the bridge facility that was not sold by banks was $1 billion. Tenneco bought back $103.5 million in principal of the facility as of the end of March for $88 million, according to bond-offering documents. Affiliates of Apollo purchased $532 million of the debt at the end of 2023, the documents show. Tenneco was a particularl
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