LEVFIN SNAPSHOT: Tenneco Jumps on Refinancing; Schoeller Gains
2020-11-13 14:27:52.858 GMT

By Libby Cherry
(Bloomberg) — Bonds issued by auto-parts company Tenneco
Inc. rose to their highest level since February after the
company said on Thursday that it would refinance some dollar-
denominated notes.
* EU350m bonds due July 2024 gain 1 cent on the euro to 99: CBBT
data compiled by Bloomberg
** The company will offer $500m notes due 2029 to redeem its
2022 bonds: statement
** Separately, S&P revised the outlook on the firm’s ‘B’ debt
rating to positive from negative on the prospects for recovery
in the global market for light vehicles and its cost-reduction
plans: statement Thursday
* Schoeller Packaging’s EU250m bonds due Nov. 2024 rise 0.3
cents on the euro to 99, their highest level since March
** The co. on Thursday reported nine-month adjusted Ebitda of
~EU48.1m, up from EU46.4m a year earlier
** “This performance came as a little surprise since we expected
weaker numbers due to the lagged effect on the activity from the
pandemic,” analysts at Spread Research said in a note to clients
Friday
* Telepizza’s EU335m bonds due May 2026 jump 2.2 cents on the
euro to 85.6, the highest price since May
* The Markit iTraxx Europe Crossover index tightened ~2.9bps to
~298bps