Daily Stock Setups

Tenneco raises $198 million through public offering of common stock

Posted on: Wed, 25 Nov 2009 13:16:00 EST

Symbols: TEN

Are you looking to increase your ETF knowledge?

Nov 25, 2009 (Datamonitor Financial Deals Tracker via COMTEX) --
TEN | Quote | Chart | News | PowerRating -- Tenneco, Inc., a US-based producer of automotive emission control and ride control systems and products, has completed its public offering of 12 million shares of its common stock at a price of $16.50 per share raising gross proceeds of $198 million.

Update on November 18, 2009:

Tenneco has priced its public offering of 12 million shares of its common stock at a price of $16.50 per share.

The offering includes a 30-day option for the underwriters to purchase up to an additional 1.8 million shares of its common stock to cover over-allotments, if any. The offering is expected to close on November 24, 2009.

Announcement (November 17, 2009):

Tenneco is planning to offer 10 million shares of its common stock in an underwritten registered public offering.

Tenneco intends to grant the underwriters a 30-day option to purchase up to an additional 1.5 million shares of its common stock to cover over-allotments.

J.P. Morgan Securities, Inc., Merrill Lynch, Pierce, Fenner & Smith Incorporated and Deutsche Bank Securities, Inc. are acting as joint book-running managers for the offering. Citigroup Global Markets, Inc., RBS Securities, Inc., KeyBanc Capital Markets, Inc, BNY Capital Markets, Commerzbank Capital Markets Corp., PNC Capital Markets LLC, Scotia Capital (USA) Inc. and UniCredit Capital Markets, Inc. are acting as underwriters for the offering.

Deal Value (US$ Million) 198
Deal Type                IPO
Sub-Category             Secondary Offering
Deal Status              Completed: 2009-11-24

Deal Participants

Target (Company) Tenneco, Inc.

Deal Rationale

Tenneco intends to use the net proceeds from the offering to repay outstanding borrowings under its revolving credit facility and for general corporate purposes.

Offer Price ($ per share) 16.5
No. Shares Issued         12000000

For full details on Tenneco Inc (TEN) TEN. Tenneco Inc (TEN) has Short Term PowerRatings at TradingMarkets. Details on Tenneco Inc (TEN) Short Term PowerRatings is available at This Link.

More News: Market Updates | Stock Alerts | All Trading News

Disclaimer:

The Connors Group, Inc. ("Company") is not an investment advisory service, nor a registered investment advisor or broker-dealer and does not purport to tell or suggest which securities or currencies customers should buy or sell for themselves. The analysts and employees or affiliates of Company may hold positions in the stocks, currencies or industries discussed here. You understand and acknowledge that there is a very high degree of risk involved in trading securities and/or currencies. The Company, the authors, the publisher, and all affiliates of Company assume no responsibility or liability for your trading and investment results. Factual statements on the Company's website, or in its publications, are made as of the date stated and are subject to change without notice.

It should not be assumed that the methods, techniques, or indicators presented in these products will be profitable or that they will not result in losses. Past results of any individual trader or trading system published by Company are not indicative of future returns by that trader or system, and are not indicative of future returns which be realized by you. In addition, the indicators, strategies, columns, articles and all other features of Company's products (collectively, the "Information") are provided for informational and educational purposes only and should not be construed as investment advice. Examples presented on Company's website are for educational purposes only. Such set-ups are not solicitations of any order to buy or sell. Accordingly, you should not rely solely on the Information in making any investment. Rather, you should use the Information only as a starting point for doing additional independent research in order to allow you to form your own opinion regarding investments. You should always check with your licensed financial advisor and tax advisor to determine the suitability of any investment.

HYPOTHETICAL OR SIMULATED PERFORMANCE RESULTS HAVE CERTAIN INHERENT LIMITATIONS. UNLIKE AN ACTUAL PERFORMANCE RECORD, SIMULATED RESULTS DO NOT REPRESENT ACTUAL TRADING AND MAY NOT BE IMPACTED BY BROKERAGE AND OTHER SLIPPAGE FEES. ALSO, SINCE THE TRADES HAVE NOT ACTUALLY BEEN EXECUTED, THE RESULTS MAY HAVE UNDER- OR OVER-COMPENSATED FOR THE IMPACT, IF ANY, OF CERTAIN MARKET FACTORS, SUCH AS LACK OF LIQUIDITY. SIMULATED TRADING PROGRAMS IN GENERAL ARE ALSO SUBJECT TO THE FACT THAT THEY ARE DESIGNED WITH THE BENEFIT OF HINDSIGHT. NO REPRESENTATION IS BEING MADE THAT ANY ACCOUNT WILL OR IS LIKELY TO ACHIEVE PROFITS OR LOSSES SIMILAR TO THOSE SHOWN.

The Connors Group, Inc.
10 Exchange Place, Suite 1800
Jersey City, NJ 07302

All analyst commentary provided on TradingMarkets.com is provided for educational purposes only. The analysts and employees or affiliates of TradingMarkets.com may hold positions in the stocks or industries discussed here. This information is NOT a recommendation or solicitation to buy or sell any securities. Your use of this and all information contained on TradingMarkets.com is governed by the Terms and Conditions of Use. Please click the link to view those terms. Follow this link to read our Editorial Policy.