Moody's: Owens Corning notes Ba1

Moody's Investors Service said it affirmed the Ba1 corporate family and probability of default ratings of Owens Corning.

Moody's also assigned a Ba1 rating to the company's proposed senior unsecured notes due 2022.

The speculative grade liquidity rating was affirmed at SGL-2.

The outlook is stable.

Proceeds from the notes issuance will be used to refinance about $435 million of existing debt, pay about $60 million in repayment premiums and to finance other related fees and expenses.

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