Tenneco closes Federal-Mogul deal; Icahn confirms 9.9% active stake

|About: Icahn Enterprises L.P. (IEP)|By:, SA News Editor

Tenneco (NYSE:TEN+2.4% after-hours after saying it completed its acquisition of Federal-Mogul from Icahn Enterprises (NYSE:IEP) and Icahn confirms a 9.9% active stake in TEN.

TEN says $800M was financed through a new senior credit facility that will replace its existing senior credit facilities and senior facilities of Federal-Mogul ; the new senior credit facility consists of a $1.7B term loan A, a $1.7B term loan B and a $1.5B revolving credit facility.

The closing precedes the planned separation of the combined businesses into an Aftermarket and Ride Performance company and a Powertrain Technology company, which is expected to be complete in late 2019.

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