Owens Corning's Proposed Senior Notes Rated 'BBB'

FARMERS BRANCH (S&P Global Ratings) July 29, 2019--S&P Global Ratings today assigned its 'BBB' issue-level rating to Owens Corning's proposed senior notes. We expect that the company will use the net proceeds from these notes to fund a tender offer to repurchase up to $450 million of the combined aggregate principal amount outstanding on its 4.200% senior notes due 2022 and 7.000% senior notes due 2036. Owens Corning intends to allocate an amount equal to the net proceeds to one or more eligible green projects, and therefore anticipates this offering will be in alignment with Green Bond Principles. Our 'BBB' issuer credit rating and stable outlook on Owens Corning remain unchanged, which reflects that this transaction will not alter our

...July 29, 2019 FARMERS BRANCH (S&P Global Ratings) July 29, 2019--S&P Global Ratings today assigned its '###' issue-level rating to Owens Corning's proposed senior notes. We expect that the company will use the net proceeds from these notes to fund a tender offer to repurchase up to $450 million of the combined aggregate principal amount outstanding on its 4.200% senior notes due 2022 and 7.000% senior notes due 2036. Owens Corning intends to allocate an amount equal to the net proceeds to one or more eligible green projects, and therefore anticipates this offering will be in alignment with Green Bond Principles. Our '###' issuer credit rating and stable outlook on Owens Corning remain unchanged, which reflects that this transaction will not alter our expectations for the company's credit measures, including adjusted leverage in the 2x-3x range and continuing term loan prepayments. Our ratings on Owens Corning also incorporate the company's geographic and product diversity, global presence...

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