Owens Corning draws $600 million term loan for Parry acquisition

By Susanna Moon

Chicago, Feb. 5 – Owens Corning drew the $600 million term loan facility last Thursday under its credit agreement with JPMorgan Chase Bank, NA as administrative agent to help finance its acquisition.

The company’s subsidiary Owens Corning Finland Oy acquired Parry 1 Holding AB on Monday for about €900 million in cash under an agreement with Parry Investment SA, according to an 8-K filing with the Securities and Exchange Commission.

The company had entered into two loan agreements on Oct. 27 for the acquisition consisting of a $600 million term loan agreement and a $300 million 364-day term loan agreement.

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

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