Owens Corning gets amendment to extend DIP to Nov. 15, 2006

By Jeff Pines

Washington, Oct. 29 - Owens Corning's debtor-in-possession financing, due to expire on Nov. 15, will now run until Nov. 15, 2006, according to an order filed with the U.S. Bankruptcy Court for the District of Delaware Thursday.

Merrill Lynch Bank USA and Deutsche Bank Securities will become co-documentation agents, and Citigroup Global Markets Inc. and Bank of America will become the syndication agents.

Bank of America will remain the agent for the Toledo, Ohio-based building materials company.

The new lenders and their commitments are: Bank of America with a $75 million commitment; Citicorp USA Inc. with a $75 million commitment; Deutsche Bank Trust Co. Americas with a $50 million commitment; and Merrill Lynch Capital also with a $50 million commitment.

The old lenders were: Bank of America, General Electric Capital Corp., Transamerica Business Credit Group Corp., the CIT Group/Business Credit Inc., Congress Financial Corp. and AmSouth Corp.

The company will pay Bank of America a $375,000 amendment fee.

Owens Corning filed for bankruptcy on Oct. 5, 2000. Its Chapter 11 case number is 00-03837.

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