By Devika Patel
Knoxville, Tenn., Jan. 23 – Owens Corning priced $400 million of 4.4% 30-year senior notes (Ba1/BBB/BBB-) on Tuesday, according to an FWP filed with the Securities and Exchange Commission.
The notes priced at 98.54 to yield 4.489%, or 157 basis points over Treasuries.
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.
| Issuer: | Owens Corning
|
| Amount: | $400 million
|
| Description: | Senior notes
|
| Maturity: | Jan. 30, 2048
|
| Bookrunners: | Citigroup Global Markets Inc., J.P. Morgan Securities LLC and Wells Fargo Securities LLC
|
| Co-managers: | BNP Paribas Securities Corp., Credit Agricole Securities (USA) Inc., Goldman Sachs & Co., PNC Capital Markets LLC and Scotia Capital (USA) Inc.
|
| Coupon: | 4.4%
|
| Price: | 98.54
|
| Yield: | 4.489%
|
| Spread: | Treasuries plus 157 bps
|
| Call feature: | Make-whole call at Treasuries plus 25 bps until July 30, 2047 and then a par call
|
| Trade date: | Jan. 23
|
| Settlement date: | Jan. 25
|
| Ratings: | Moody’s: Ba1
|
| S&P: BBB
|
| Fitch: BBB-
|
| Distribution: | SEC registered
|
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