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Owens Corning announces early tender results of 4.2%, 7% notes
Chicago, Aug. 9 – Owens Corning announced the early tender results for its cash tender offer to purchase up to $450 million combined amount of its $600 million 4.2% senior notes due 2022 and $410 million 7% senior notes due 2036, according to a notice.
Of the $600 million 4.2% senior notes, $415,944,000 of the notes were tendered and all of those notes were accepted.
Of the $410 million 7% senior notes, $68,130,000 of the notes were tendered and $34,056,000 were accepted, half of the notes tendered.
The withdrawal deadline was 5 p.m. ET on Aug. 9.
As previously reported, pricing will be set at 10 a.m. ET on Aug. 12 using the bid-side yield of a reference security plus a fixed spread as follows:
• For the 4.2% notes, the 1.75% U.S. Treasury note due July 15, 2022 plus 70 basis points; and
• For the 7% notes, the 3% U.S. Treasury note due Feb. 15, 2049 plus 255 bps.
Holders will also receive accrued interest.
Early settlement is scheduled for Aug. 13.
The offer will expire at midnight ET on Aug. 23, however the amount of notes tendered has already exceeded the maximum tender amount and no more notes will be accepted for purchase. The 2036 notes not accepted for purchase will be promptly returned or credited to the holder’s account.
BofA Securities, Inc. (888 292-0070 or 980 387 3907), Citigroup Global Markets Inc. (800 558-3745 or 212 723 6106) and Wells Fargo Securities, LLC (866 309-6316 or 704 410 4759) are acting as dealer managers. The tender and information agent is D.F. King & Co., Inc. (800 761 6521 in the United States, 212 269-5550 banks and brokers or oc@dfking.com).
Owens Corning is a Toledo, Ohio-based maker of composite building materials.
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