Owens Corning tenders for any and all 5 3/8% Masonite notes due 2028

By Wendy Van Sickle

Columbus, Ohio, April 15 – Owens Corning announced the launch of a cash tender to purchase any and all of the $500 million of the outstanding 5 3/8% senior notes due 2028 (Cusips: 575385AD1 and C5389UAL4) issued by Masonite International Corp., according to a news release.

The total consideration of $1,003.75 per $1,000 principal amount includes an early participation payment of $30 that will be paid only to holders who tender their notes and deliver their consents under a related consent solicitation by the early deadline of 5 p.m. ET on April 26.

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.

The offer will expire at 5 p.m. ET on May 13.

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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