LAKE FOREST, Ill. (AP) -- 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.

Shares dropped 32 cents, or 2 percent, to $14.67 in afternoon trading.