Tenneco Inc. said Tuesday it has raised in a public offering $187 million, which the car parts maker will use to repay debt and for general corporate purposes.
The Lake Forest, Ill., company said it sold 12 million shares in a public offering at a price of $16.50 per share.
Tenneco received $198 million in gross proceeds and about $187 million in net proceeds, after expenses.
JPMorgan Securities Inc., BofA Merrill Lynch, and Deutsche Bank Securities Inc. were joint book-running managers.
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Shares dropped 32 cents, or 2 percent, to $14.67 in afternoon trading.