Building Materials prolongs tenders for 8% notes

By Jennifer Chiou

New York, Feb. 13 - Building Materials Corp. of America and Building Materials Manufacturing Corp. announced the extension of the tenders for their 8% senior notes due 2007 and 2008 to midnight ET on Feb. 21.

As of Feb. 12, the company said it received tenders from holders of 97.5% of the 2007 notes and 96.9% of the 2008 notes.

The tender offers had been scheduled to expire on Jan. 23.

The Wayne, N.J.-based roofing products company previously said it received consents from a majority of noteholders by 5 p.m. ET on Jan. 4, the consent deadline.

The company said it will execute supplemental indentures.

On Dec. 20, Building Materials Corp. of America said it was planning to use a $1.55 billion senior secured credit facility and an issue of $275 million of senior secured notes to back its unsolicited tender offer to buy all the outstanding common stock of ElkCorp.

The company previously said that the principal amount of the senior secured notes will be reduced by the amount of the company's 8% notes due 2007 and 2008 that are not retired or defeased as part of the transaction.

Bear, Stearns & Co. Inc. (877 696-2327) and Deutsche Bank Securities (800 553-2826) are the dealer managers. D.F. King & Co. Inc. is the information agent (call collect 212 269-5550 or 800 628-8536).

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