Owens Corning selling $500 million split-rated 10-year notes Wednesday

By Andrea Heisinger

New York, Oct. 17 - Owens Corning announced plans to price $500 million of 10-year senior notes (Ba1/BBB-/BBB-) on Wednesday, an informed source said.

The notes will have a make-whole call option until three months prior to maturity, and a par call after. There is a change-of-control put on the notes at 101%.

Bank of America Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to purchase outstanding debt tendered for in an offer on Oct. 17, to repay outstanding borrowings under an $800 million revolving credit facility and for general corporate purposes.

Owens Corning was last in the bond market with a $350 million offering of 9% 10-year notes priced on June 3, 2009 to yield 9.25%.

The glass fiber technology and maker of composite and building materials is based in Toledo, Ohio.

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