New Issue: Owens Corning sells upsized $400 million 4.2% 10-year notes at Treasuries plus 210 bps

By Aleesia Forni

Virginia Beach, Nov. 4 – Owens Corning priced an upsized $400 million issue of 4.2% 10-year senior notes (Ba1/BBB-/BBB-) at Treasuries plus 210 basis points on Tuesday, according to an FWP filed with the Securities and Exchange Commission.

Pricing was at 98.076 to yield 4.439%.

The notes sold at tight of guidance, which was set in the 225 bps area over Treasuries.

Goldman Sachs & Co., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used to fund a tender offer and for general corporate purposes, including the repayment of debt.

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

Issuer:	Owens Corning
Amount:	$400 million, upsized from $300 million
Description:	Senior notes
Maturity:	Dec. 1, 2024
Bookrunners:	Goldman Sachs & Co., J.P. Morgan Securities LLC, Wells Fargo Securities LLC
Senior co-manager:	BofA Merrill Lynch
Co-managers:	Citigroup Global Markets Inc., Scotia Capital (USA) Inc., BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., HSBC Securities (USA) Inc., Morgan Stanley & Co. LLC, PNC Capital Markets LLC, SunTrust Robinson Humphrey, Inc.
Coupon:	4.2%
Price:	98.076
Yield:	4.439%
Spread:	Treasuries plus 210 bps
Make-whole call:	Treasuries plus 35 bps prior to Sept. 1, 2024, then callable at par
Trade date:	Nov. 4
Settlement date:	Nov. 12
Ratings:	Moody’s: Ba1
	Standard & Poor's: BBB-
	Fitch: BBB-
Price talk:	Treasuries plus 225 bps area

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