Owens Corning says 88.27% of Masonite notes tendered by withdrawal deadline

By Mary-Katherine Stinson

Lexington, Ky., April 29 – Owens Corning updated the progress of its cash tender to purchase any and all of the $500 million outstanding 5 3/8% senior notes due 2028 (Cusips: 575385AD1 and C5389UAL4) issued by Masonite International Corp., according to a news release.

As of the withdrawal deadline of 5 p.m. ET on April 26, the company has received tenders of $441,351,000, or 88.27%, of the principal amount of the notes.

As previously reported, Owens Corning extended the early participation deadline, which now coincides with the expiry of the offer at 5 p.m. ET on May 13. The withdrawal deadline was not extended.

Previously, the early deadline corresponded with the withdrawal deadline.

The total consideration of $1,003.75 per $1,000 principal amount includes an early participation payment of $30 that will now be paid to holders who tender their notes and deliver their consents through the expiration of the offer.

Holders will also receive accrued interest.

In conjunction with the tender offer, Masonite is soliciting consents to adopt some proposed amendments to the indenture governing the notes to eliminate some of the covenants, restrictive provisions and events of default.

Holders may not deliver consents to the proposed amendments without tendering their notes and may not tender their notes without delivering consents to the proposed amendments.

The offer and solicitation are conditioned upon, among other things, the consummation of the pending acquisition of Masonite by Owens Corning.

Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) is the lead dealer manager and solicitation agent. Wells Fargo Securities, LLC is co-dealer manager and solicitation agent.

Global Bondholder Services Corp. (855 654-2015, 212 430-3774 or contact@gbsc-usa.com) is the depository and information agent.

Owens Corning is a Toledo, Ohio-based maker of composite building materials. Masonite is a Tampa, Fla.-based designer, manufacturer, marketer and distributor of interior and exterior doors and door systems.

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