Owens Corning gets $350 million 364-day term loan via Wells Fargo

By Marisa Wong

Morgantown, W.Va., June 14 – Owens Corning entered into a $350 million term loan agreement on June 8 with Wells Fargo Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The credit facility matures on June 7, 2018.

Interest is equal to Libor plus an applicable margin based on the company’s credit ratings. Exact pricing was not disclosed in the filing.

The credit agreement requires the company to maintain a leverage ratio not greater than 0.60 to 1.0 and an interest expense coverage ratio of at least 2.25 to 1.0.

Borrowings may be used for general corporate purposes and working capital.

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

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