USG repurchases $47 million more 6.3% notes due 2016 since March 31

By Wendy Van Sickle

Columbus, Ohio, April 21 – USG Corp. has since March 31 repurchased an additional $47 million of its 6.3% notes due 2016 for a total consideration of $50 million, according to a 10-Q filing with the Securities and Exchange Commission.

The notes are in addition to the $62 million of the notes bought back for a total consideration of $65 million in open-market purchases during the first quarter of the year, bringing the total of the notes repurchased in 2016 to $109 million.

USG plans to extinguish all or a portion of the notes using cash on hand, according to the filing.

The total considerations include premiums and accrued interest.

The repurchases bring the outstanding principal of the notes to $438 million. The company said it will continue to evaluate opportunities to retire or repurchase the notes prior to their maturity on Nov. 15, 2016 in open market purchases or privately negotiated transactions.

USG is a Chicago-based manufacturer and distributor of building products.

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