New Issue: Owens Corning prices $300 million 3.875% 10-year senior notes at 325 bps spread

By Cristal Cody

Tupelo, Miss., May 7 – Owens Corning priced $300 million of 3.875% 10-year senior notes on Thursday at a spread of 325 basis points over Treasuries, tighter than talk at the 362.5 bps area, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes (Baa3/BBB/BBB-) priced at 99.891 to yield 3.888%.

BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to acquire all the stock of Parry 1 Holding AB or for general corporate purposes, including debt repayment.

Owens Corning is a Toledo, Ohio-based maker of composite building materials.

Issuer:	Owens Corning
Amount:	$300 million
Description:	Senior notes
Maturity:	June 1, 2030
Bookrunners:	BofA Securities, Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
Co-managers:	BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., J.P. Morgan Securities LLC, PNC Capital Markets LLC, Scotia Capital (USA) Inc., Fifth Third Securities, Inc., HSBC Securities (USA) Inc. and Loop Capital Markets LLC
Coupon:	3.875%
Price:	99.891
Yield:	3.888%
Spread:	Treasuries plus 325 bps
Call features:	Make-whole call before March 1, 2030 at greater of par and Treasuries plus 50 bps; thereafter at par
Trade date:	May 7
Settlement date:	May 12
Ratings:	Moody’s: Baa3
	S&P: BBB
	Fitch: BBB-
Distribution:	SEC registered
Price talk:	Treasuries plus 362.5 bps area

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