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CASE EQUIPMENT LOAN TRUST OFFERS $421 MILLION OF ASSET BACKED SECURITIES

 HOUSTON, May 20 /PRNewswire/ -- Tenneco Inc. (NYSE: TGT) today announced the offering of $421 million of asset-backed securities through an owner trust established by Case Receivables Inc., a subsidiary of Case Corporation, the company's farm and construction equipment unit.
 The notes are secured by fixed-rate farm and construction equipment retail installment sale contracts. Tenneco Credit Corporation will use the proceeds to repay short-term borrowings, which will reduce the company's overall consolidated debt.
 The issue consists of $126 million of class A-1 3.25 percent notes, $278 million of class A-2 4.40 percent notes and $17 million of 5.15 percent certificates, each with separate maturities.
 Merrill Lynch & Co. is the lead underwriter with Barclays de Zoete Wedd Securities Inc., The First Boston Corporation, J. P. Morgan Securities Inc. and UBS Securities, Inc.
 The offering announced today follows a similar transaction for $552 million of asset backed securities completed in December 1992.
 -0- 5/20/93
 /CONTACT: Christine LeLaurin of Tenneco Inc., office 713-757-2761, or home 713-270-0880/
 (TGT)


CO: Tenneco Inc. ST: Texas IN: OIL SU: OFR

LD -- NY116 -- 1014 05/20/93 18:42 EDT
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Publication:PR Newswire
Date:May 20, 1993
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