New Issue: Owens Corning prices $450 million 3.95% 10-year green notes at 192 bps spread

By Cristal Cody

Tupelo, Miss., July 29 – Owens Corning priced $450 million of 3.95% 10-year green senior notes with a spread of 192 basis points over Treasuries on Monday, according to an FWP filing with the Securities and Exchange Commission.

The notes (Ba1/BBB/BBB-) priced at 99.787 to yield 3.976%.

BofA Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC were the bookrunners.

Proceeds will be used for eligible green projects. Pending such uses, the company also intends to use proceeds to redeem a portion of its 4.2% senior notes due 2022 and/or a portion of its 7% senior notes due 2036.

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

Issuer:	Owens Corning
Amount:	$450 million
Description:	Green senior notes
Maturity:	Aug. 15, 2029
Bookrunners:	BofA Securities Inc., Citigroup Global Markets Inc. and Wells Fargo Securities LLC
Senior co-managers:	Credit Agricole Securities (USA) Inc. and Goldman Sachs & Co. LLC
Co-managers:	BNP Paribas Securities Corp., Fifth Third Securities, Inc., HSBC Securities (USA) Inc., J.P. Morgan Securities LLC, Loop Capital Markets LLC, PNC Capital Markets LLC and Scotia Capital (USA) Inc.
Coupon:	3.95%
Price:	99.787
Yield:	3.976%
Spread:	Treasuries plus 192 bps
Call feature:	Make-whole call at Treasuries plus 30 bps; on or after May 15, 2029 at par
Trade date:	July 29
Settlement date:	Aug. 12
Ratings:	Moody’s: Ba1
	S&P: BBB
	Fitch: BBB-
Distribution:	SEC registered

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