|
<PAGE>
EXHIBIT 99.1
TENNECO INC. ANNOUNCES RECEIPT OF THE REQUISITE CONSENTS AND
PRICING TERMS FOR ITS PREVIOUSLY ANNOUNCED PARTIAL TENDER OFFER
AND
CONSENT SOLICITATION
Lake Forest, Illinois, November 15, 2007 -- Tenneco Inc. (NYSE:
TEN) today
announced that, as of 5:00 p.m., New York City time, on November
15, 2007 (the
"Consent Date") a total of approximately $474 million in
aggregate principal
amount of its 10 1/4% Senior Secured Notes due 2013 (CUSIP
880349AD7) have been
tendered pursuant to its tender offer for up to $230 million
aggregate principal
amount of notes.
As such, the requisite consents of holders of a majority in
principal amount of
notes required to adopt the proposed amendments to the indenture
governing the
notes have been received, and the company and the trustee
executed a
supplemental indenture to effect the proposed amendments
described in the Offer
to Purchase and Consent Solicitation Statement dated November 1,
2007.
Accordingly, tendered notes may no longer be withdrawn and
consents delivered
may no longer be revoked, except in the limited circumstances
described in the
offer to purchase.
Based on the results to date, more than $230 million principal
amount of notes
have already been tendered, so the amount of notes that will be
purchased will
be prorated based on the aggregate principal amount of notes
validly tendered in
the tender offer on or before the expiration date.
In addition, the pricing terms of the offer were also set today.
As such, the
total consideration for each $1,000 principal amount of notes
validly tendered
and not withdrawn prior to the Consent Date is $1,087.09, which
includes a
consent payment of $30. The total consideration was determined
by reference to a
fixed spread of 50 basis points over the bid side yield of the 5
1/8% U.S.
Treasury Note due June 30, 2008, which was calculated at 2:00
p.m., New York
City time, today. The reference yield and the offer yield, as
such terms are
used in the offer to purchase, are 3.581% and 4.081%.
Holders who tender their notes after the Consent Date but on or
prior to the
expiration date for the offer, and whose notes are accepted for
purchase, will
receive the related tender offer consideration as
| 
