Owens Corning's Proposed Senior Unsecured Notes Offered In Exchange For Masonite?s Senior Unsecured Notes Rated 'BBB'

ENGLEWOOD (S&P Global Ratings) May 1, 2024--S&P Global Ratings today said that it assigned its 'BBB' issue-level rating to Owens Corning's proposed $375 million 3.5% senior unsecured notes due 2030. We rate Owens Corning's unsecured debt the same as the 'BBB' issuer credit rating on the company because, in our view, the proportion of priority debt is minimal, limiting the risk of subordination for lenders of unsecured debt. Further, we believe the company has offered to exchange these proposed notes for any or all of Masonite International Corp.'s $375 million senior notes due 2030. The proposed notes will rank pari passu with the company's existing unsecured debt. This debt exchange is contingent on the closing of the pending acquisition of

...May 1, 2024 ENGLEWOOD (S&P Global Ratings) May 1, 2024--S&P Global Ratings today said that it assigned its '###' issue-level rating to Owens Corning's proposed $375 million 3.5% senior unsecured notes due 2030. We rate Owens Corning's unsecured debt the same as the '###' issuer credit rating on the company because, in our view, the proportion of priority debt is minimal, limiting the risk of subordination for lenders of unsecured debt. Further, we believe the company has offered to exchange these proposed notes for any or all of Masonite International Corp.'s $375 million senior notes due 2030. The proposed notes will rank pari passu with the company's existing unsecured debt. This debt exchange is contingent on the closing of the pending acquisition of Masonite by Owens Corning, which we expect would occur in May 2024. Concurrent with the exchange, Masonite is soliciting the consent of the holders of its existing notes to amend the indentures to eliminate certain covenants, restrictive...

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