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TEN > SEC Filings for TEN > Form 8-K on 22-Mar-2013All Recent SEC Filings

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Form 8-K for TENNECO INC


22-Mar-2013

Entry into a Material Definitive Agreement, Creation of a Direct Financial Obligation


ITEM 1.01 ENTRY INTO A MATERIAL DEFINITIVE AGREEMENT.

Tenneco Inc. has amended and renewed its North American trade accounts receivable securitization program. The company extended the term of both facilities to March 21, 2014. The first priority facility will continue to provide financing of up to $110 million and the second priority facility, which is subordinated to the first priority facility, will continue to provide up to an additional $40 million of financing. Both facilities monetize accounts receivable generated in the U.S. and Canada that meet certain eligibility requirements, and the second priority facility also monetizes certain additional receivables generated in the U.S. and Canada that would otherwise be ineligible under the first priority facility. The company's accounts receivable securitization programs, both in North America and in Europe, provide the company with financing at costs that are generally favorable to alternative sources of financing and allow the company to reduce borrowings under its revolving credit agreements.

The above summary of the amendments to and renewal of Tenneco's North American trade accounts receivable securitization program is not complete and is qualified in its entirety by reference to the terms of the documents effecting the amendments and renewal, copies of which are filed as Exhibits 10.1 and 10.2 hereto and are incorporated by reference herein.



ITEM 2.03 CREATION OF A DIRECT FINANCIAL OBLIGATION OR AN OBLIGATION UNDER AN OFF-BALANCE SHEET ARRANGEMENT OF A REGISTRANT.

See Item 1.01, incorporated herein by reference.



ITEM 9.01 FINANCIAL STATEMENTS AND EXHIBITS.

(d) Exhibits

Exhibit
  No.                                     Description

10.1         Omnibus Amendment No. 5, dated as of March 22, 2013, to Third Amended
             and Restated Receivables Purchase Agreement and Receivables Sale
             Agreements, as amended
10.2         Amendment No. 3 to SLOT Receivables Purchase Agreement, dated as of
             March 22, 2013


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