RBC-Led Banks Offer Juicy Yield to Offload Last of Tenneco Debt [Financial Post (Toronto, Ontario, Canada)]
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Source: Financial Post
Author of the article: You can save this article by registering for free here . Or sign-in if you have an account. (Bloomberg) — A group of lenders led by Royal Bank of Canada launched a roughly $365 million bond sale to offload debt they've been stuck with since Apollo Global Management Inc.'s buyout of Tenneco Inc. in 2022. 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. Article content Article content 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-pa
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