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| TEN > SEC Filings for TEN > Form 8-K on 23-Feb-2009 | All Recent SEC Filings |
23-Feb-2009
Entry into a Material Definitive Agreement, Financial Statements and Exhibits
Consolidated Net Leverage Ratio Consolidated Interest Coverage Ratio
Period Current As amended Current As amended
First Quarter 2009 3.75x 5.50x 2.25x 2.25x
Second Quarter 2009 3.75x 7.35x 2.25x 1.85x
Third Quarter 2009 3.75x 7.90x 2.25x 1.55x
Fourth Quarter 2009 3.75x 6.60x 2.25x 1.60x
First Quarter 2010 3.50x 5.50x 2.40x 2.00x
Second Quarter 2010 3.50x 5.00x 2.40x 2.25x
Third Quarter 2010 3.50x 4.75x 2.40x 2.30x
Fourth Quarter 2010 3.50x 4.50x 2.40x 2.35x
First Quarter 2011 3.50x 4.00x 2.55x 2.55x
Second Quarter 2011 3.50x 3.75x 2.55x 2.55x
Third and Fourth Quarters 2011 3.50x 3.50x 2.55x 2.55x
Fiscal Year 2012 and thereafter 3.50x 3.50x 2.75x 2.75x
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The pricing for the revolving loans and Tranche A Term Loans was amended as follows:
Consolidated Net Applicable Margin for Applicable Margin for Leverage Ratio Commitment Fee Rate ABR Loans Eurodollar Loans †5.0 to 1.0 0.75% 4.50% 5.50% †4.0 to 1.0 0.50% 4.00% 5.00% †4.0 to 1.0 0.50% 3.50% 4.50% |
The pricing on the company's B-1 Term Loans was amended as follows:
Applicable Margin for Applicable Margin for
Consolidated Net Leverage Ratio ABR Loans Eurodollar Loans
†5.0 to 1.0 4.50% 5.50%
†5.0 to 1.0 4.00% 5.00%
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The Amendment also modifies certain other provisions of the Credit Agreement.
Tenneco has agreed to pay each consenting lender a fee. That fee plus other
amendment costs are expected to total approximately $8 million. The above
summary of the Amendment is not complete and is qualified in its entirety by
reference to the terms of the Amendment, a copy of which is filed as Exhibit 4.1
hereto and is incorporated by reference herein.
The company also announced that it had renewed its U.S. securitization
program in an amount of $100 million through February 22, 2010.
(d) Exhibits
Exhibit No. Description
4.1 Fourth Amendment to the Second Amended and Restated Credit Agreement,
dated as of February 19, 2009 among Tenneco Inc, the several lenders from
time to time parties thereto, JPMorgan Chase Bank, N.A., as
administrative agent for the lenders and the other financial institutions
named therein as agents for the lenders.
99.1 Press release issued February 23, 2009
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