Owens Corning enters into $800 million revolving credit facility

By Sarah Lizee

Olympia, Wash., May 4 – Owens Corning entered into a credit agreement on Friday with Wells Fargo Bank, NA as administrative agent that provides for an $800 million revolving credit facility, according to an 8-K filing with the Securities and Exchange Commission.

The credit agreement replaces the company’s existing amended and restated credit agreement with Wells Fargo dated as of Nov. 13, 2015.

Interest is Libor plus a margin that ranges from 90 basis points to 170 bps and the facility fee ranges from 10 bps to 30 bps, both depending on the company’s debt ratings.

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

The facility matures on the earlier of May 4, 2023, the date of acceleration under its terms, or the date commitments are terminated.

Wells Fargo Securities, LLC, Bank of America Merrill Lynch and Citigroup Global Markets Inc. are joint lead arrangers and bookrunners.

Bank of America, NA and Citibank, NA are co-syndication agents, with Bank of America as a swingline lender and issuing lender and Citibank as an issuing lender. BNP Paribas, Credit Agricole CIB, JPMorgan Chase Bank, NA, PNC Bank, NA and Bank of Nova Scotia are documentation agents.

Also on Friday, the company entered into a first amendment to its term loan agreement dated Oct. 27, 2017 with JPMorgan Chase as administrative agent.

The amendment provides for, among other things, a reduction in the applicable margin to Libor plus 100 bps to 200 bps from Libor plus 112.5 bps to 200 bps.

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

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