Owens Corning restates upsized $1 billion revolver, gets $3 billion 364-day term loan

By Wendy Van Sickle

Columbus, Ohio, March 6 – Owens Corning entered into a second amended and restated credit agreement on March 1 with Wells Fargo Bank, NA as administrative agent to provide for a $1 billion senior revolver, which is an increase of $200 million over the revolver prior to the restatement, and also entered into a $3 billion 364-day term loan, according to an 8-K filing with the Securities and Exchange Commission.

Revolver

Borrowings and letters of credit are available in U.S. dollars, euro, sterling, Swiss francs and Canadian dollars.

Interest will accrue at adjusted term SOFR plus a margin ranging from 80.5 basis points to 122.5 bps, based on the debt ratings of the company.

The revolver matures on March 1, 2029.

Term loan

The 364-day term loan was entered in connection with the company’s planned acquisition of all of the issued and outstanding common shares of Masonite International Corp.

Borrowings bear interest at term SOFR plus a credit spread adjustment of 10 bps plus a margin that was not disclosed in the filing.

Morgan Stanley Senior Funding, Inc. is administrative agent.

Owens Corning is a Toledo, Ohio-based maker of composite building materials. Masonite is a Tampa, Fla.-based provider of interior and exterior doors and door systems.

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