Owens Corning borrows $400 million on existing revolving facility

By Sarah Lizee

Olympia, Wash., April 6 – Owens Corning borrowed $400 million on its existing revolving credit facility during the first quarter for normal seasonal working capital needs and to strengthen its cash position, according to a press release.

The company said it currently has more than $850 million of available liquidity, inclusive of over $200 million in cash.

Owens Corning said that given the uncertain market environment, it is focused on reducing or postponing noncritical expenses including capital investments.

The company’s only near-term debt maturity is the remaining $150 million from its term loan due in March 2021.

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

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