LAKE FOREST, Ill. (Feb. 16) — Tenneco Inc. is looking to refinance its existing $831 million senior credit facility with a new $830 million credit instrument. The transaction is expected to enhance the company's financial flexibility by extending the expiration of its revolving line of credit to March 2012; extending the maturities of its term-loan facility; and enhancing covenant flexibility.
Tenneco is seeking commitments for the new senior credit facility and expects to complete the refinancing by the end of March.