Federal-Mogul LLC# #B-# Ratings Placed On CreditWatch Positive As Tenneco Inc. Says It Will Buy Company

Stocks and Financial Services Press Releases Wednesday April 11, 2018 11:00
NEW YORK--11 Apr--S&P Global Ratings

NEW YORK (S&P Global Ratings) April 10, 2018-- S&P Global Ratings today placed its 'B-' long-term corporate credit and issue ratings on Federal-Mogul LLC and the company's debt on CreditWatch with positive implications.

The CreditWatch placement follows Tenneco's announcement to acquire Federal-Mogul. Federal-Mogul is being acquired from Icahn Enterprises L.P. for a total consideration of $5.4 billion to be funded through cash, Tenneco equity, and the assumption of debt. Tenneco also said that it intends to separate the combined businesses into two independent, publicly traded companies through a tax-free spin-off to shareholders that will establish an aftermarket and ride performance company and a powertrain technology company. We expect the acquisition to close in the second half of 2018—subject to regulatory and shareholder approvals and other customary closing conditions—with the separation occurring in the second half of 2019.

We plan to resolve the CreditWatch following completion of the acquisition, which will result in equalizing the ratings with Tenneco.

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