By Cristal Cody
Tupelo, Miss., June 21 – Owens Corning priced $600 million of 4.3% 30-year senior notes with a spread of 162.5 basis points over Treasuries on Wednesday, according to an FWP filing with the Securities and Exchange Commission.
The split-rated notes (Ba1/BBB/BBB-) priced at 99.064 to yield 4.356%.
BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC were the bookrunners.
Of the proceeds, $250 million will be used to fund a portion of the purchase price of the company’s planned acquisition of Pittsburgh Corning and the remainder will be used to repurchase all of the company’s 9% senior notes due 2019, to repurchase a portion of its 7% senior notes due 2036 and for general corporate purposes.
Owens Corning is a Toledo, Ohio-based maker of composite building materials.
| Issuer: | Owens Corning
|
| Amount: | $600 million
|
| Description: | Senior notes
|
| Maturity: | July 15, 2047
|
| Bookrunners: | BofA Merrill Lynch, Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Senior co-managers: | BNP Paribas Securities Corp., Goldman Sachs & Co. LLC, PNC Capital Markets LLC and Scotia Capital (USA) Inc.
|
| Co-managers: | Credit Agricole Securities (USA) Inc., BB&T Capital Markets, HSBC Securities (USA) Inc. and SunTrust Robinson Humphrey, Inc.
|
| Coupon: | 4.3%
|
| Price: | 99.064
|
| Yield: | 4.356%
|
| Spread: | Treasuries plus 162.5 bps
|
| Call features: | Make-whole call before Jan. 15, 2047 at greater of par and Treasuries plus 25 bps; thereafter at par
|
| Trade date: | June 21
|
| Settlement date: | June 26
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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