HY ANALYSIS: Tenneco’s Boosted, $1.9 Billion Bond Sale Concludes

A Bank of America-led group sold a $1.9 billion US junk-bond Tuesday related to Apollo Global Management’s purchase of auto-parts maker Tenneco.

The note offering was boosted from an initial size of $1.75 billion and priced at a yield of 11.933%, slightly wider than guidance in the range of roughly 11.643% to 11.931%. Funds raised from the sale, along with proceeds from a concurrent — and downsized — leveraged loan, will be used to repay an interim, senior secured credit facility.

• Read more: Banks Sell Discounted Tenneco Buyout Debt After Increasing Bond

Banks have taken advantage of a ...