Tenneco Debt Pitched at 3.9x Leverage With $1.4 Billion Ebitda

Banks are pitching total leverage of 3.9 times for the buyout of Tenneco Inc., based on $5.68 billion total debt and about $1.44 billion of pro forma adjusted EBITDA on a last-twelve-month basis through Sept. 30, according to people familiar with the matter.

• Tenneco is being taken private by private-equity firm Apollo Global Management Inc.
  • A group of banks committed to the debt, and they’re currently trying to sell to investors a $1.4 billion leveraged loan and $1 billion of secured junk bonds supporting the deal
• Representatives for Bank of America Corp., which is leading the bond offering; Citigroup ...