Owens Corning plans $400 million notes due 2048 for Parry acquisition

By Devika Patel

Knoxville, Tenn., Jan. 23 – Owens Corning expects to price fixed-rate senior notes (Ba1/BBB/BBB-), according to a 424B5 filed with the Securities and Exchange Commission. Fitch Ratings and S&P Global Ratings both said on Tuesday that the offering will feature $400 million notes due 2048.

The notes feature a make-whole call initially and then are callable at par.

Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC are the bookrunners.

Proceeds will be used to acquire all the stock of Parry 1 Holding AB or for general corporate purposes, including debt repayment.

Owens Corning is a Toledo, Ohio-based maker of composite building materials.

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