US HY BONDS: Range Resources, Tenneco price
Tenneco priced its US$225m in eight-year non-call four senior notes offering via Deutsche Bank, Citigroup, Morgan Stanley, RBS and Wells Fargo joint books at 7.75% at par. The deal was launched this morning after the company reported strong second quarter results, with net income of US$40m compared to a net loss of US$33m a year ago, and earnings of US$146m compared to US$72m a year ago.
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