0000905148-05-002423.txt : 20120625
0000905148-05-002423.hdr.sgml : 20120625
20050411164139
ACCESSION NUMBER: 0000905148-05-002423
CONFORMED SUBMISSION TYPE: SC 13G
PUBLIC DOCUMENT COUNT: 1
FILED AS OF DATE: 20050411
DATE AS OF CHANGE: 20050411
SUBJECT COMPANY:
COMPANY DATA:
COMPANY CONFORMED NAME: OWENS CORNING
CENTRAL INDEX KEY: 0000075234
STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290]
IRS NUMBER: 344323452
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13G
SEC ACT: 1934 Act
SEC FILE NUMBER: 005-30103
FILM NUMBER: 05744328
BUSINESS ADDRESS:
STREET 1: OWENS CORNING WORLD HEADQUARTERS
STREET 2: ONE OWENS CORNING PKWY
CITY: TOLEDO
STATE: OH
ZIP: 43659
BUSINESS PHONE: 4192488000
MAIL ADDRESS:
STREET 1: OWENS CORNING WORLD HEADQUARTERS
STREET 2: ONE OWENS CORNING PARKWAY
CITY: TOLEDO
STATE: OH
ZIP: 43659
FORMER COMPANY:
FORMER CONFORMED NAME: OWENS CORNING FIBERGLAS CORP
DATE OF NAME CHANGE: 19920703
FILED BY:
COMPANY DATA:
COMPANY CONFORMED NAME: GLENVIEW CAPITAL MANAGEMENT LLC
CENTRAL INDEX KEY: 0001138995
IRS NUMBER: 134136746
STATE OF INCORPORATION: DE
FISCAL YEAR END: 1231
FILING VALUES:
FORM TYPE: SC 13G
BUSINESS ADDRESS:
STREET 1: 399 PARK AVENUE
STREET 2: FLOOR 39
CITY: NEW YORK
STATE: NY
ZIP: 10022
BUSINESS PHONE: 2128124700
MAIL ADDRESS:
STREET 1: 399 PARK AVENUE
STREET 2: FLOOR 39
CITY: NEW YORK
STATE: NY
ZIP: 10022
SC 13G
1
efc5-0980_5685054formsc13g.txt
UNITED STATES
SECURITIES EXCHANGE COMMISSION
Washington, D.C. 20549
-------------------------------------------------------------------------------
SCHEDULE 13G
Under the Securities Exchange Act of 1934
(Amendment No. )
OWENS CORNING
-------------
(Name of Issuer)
Common Stock, $.10 par value per share
-----------------------------------------------
(Title of Class of Securities)
69073F103
----------------
(CUSIP Number)
April 1, 2005
---------------------
(Date of Event which Requires Filing of this Statement)
Check the appropriate box to designate the rule pursuant to which this
Schedule is filed:
[ ] Rule 13d-1(b)
[X] Rule 13d-1(c)
[ ] Rule 13d-1(d)
* The remainder of this cover page shall be filled out for a reporting
person's initial filing on this form with respect to the subject class of
securities, and for any subsequent amendment containing information which
would alter the disclosures provided in a prior cover page.
The information required in the remainder of this cover page shall not be
deemed to be "filed" for the purpose of Section 18 of the Securities Exchange
Act of 1934 ("Act") or otherwise subject to the liabilities of that section of
the Act but shall be subject to all other provisions of the Act (however, see
the Notes).
Continued on following pages
Page 1 of 10 Pages
Exhibit Index: Page 9
SCHEDULE 13G
CUSIP No.: 69073F103 Page 2 of 10 Pages
................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL MANAGEMENT, LLC
.......... .....................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
Number of 5. Sole Voting Power None
Shares ..........................................................
Beneficially 6. Shared Voting Power 3,546,500
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power None
Person With ..........................................................
8. Shared Dispositive Power 3,546,500
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,546,500
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.......... .....................................................................
11. Percent of Class Represented by Amount in Row (9)
6.4% based on 55,341,765 shares outstanding as of January 31, 2005.
................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 69073F103 Page 3 of 10 Pages
................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
GLENVIEW CAPITAL GP, LLC
.......... .....................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
Delaware
................................................................................
Number of 5. Sole Voting Power None
Shares ..........................................................
Beneficially 6. Shared Voting Power 3,546,500
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power None
Person With ..........................................................
8. Shared Dispositive Power 3,546,500
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,546,500
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.......... .....................................................................
11. Percent of Class Represented by Amount in Row (9)
6.4% based on 55,341,765 shares outstanding as of January 31, 2005.
................................................................................
12. Type of Reporting Person:
OO
SCHEDULE 13G
CUSIP No.: 69073F103 Page 4 of 10 Pages
................................................................................
1. Names of Reporting Persons.
I.R.S. Identification Nos. of above persons (entities only).
LAWRENCE M. ROBBINS
.......... .....................................................................
2. Check the Appropriate Box if a Member of a Group
(a) [ ]
(b) [X]
................................................................................
3. SEC Use Only
................................................................................
4. Citizenship or Place of Organization
United States of America
................................................................................
Number of 5. Sole Voting Power None
Shares ..........................................................
Beneficially 6. Shared Voting Power 3,546,500
Owned by Each ..........................................................
Reporting 7. Sole Dispositive Power None
Person With ..........................................................
8. Shared Dispositive Power 3,546,500
................................................................................
9. Aggregate Amount Beneficially Owned by Each Reporting Person
3,546,500
................................................................................
10. Check if the Aggregate Amount in Row (9) Excludes Certain Shares
(See Instructions)
[ ]
.......... .....................................................................
11. Percent of Class Represented by Amount in Row (9)
6.4% based on 55,341,765 shares outstanding as of January 31, 2005.
................................................................................
12. Type of Reporting Person:
IA
Page 5 of 10 Pages
Item 1(a). Name of Issuer:
Owens Corning (the "Issuer)
Item 1(b). Address of Issuer's Principal Executive Offices:
One Owens Corning Parkway, Toledo, Ohio 43659.
Item 2(a). Name of Person Filing
This Statement is filed on behalf of each of the following
persons (collectively, the "Reporting Persons"):
i) Glenview Capital Management, LLC ("Glenview Capital
Management");
ii) Glenview Capital GP, LLC ("Glenview
Capital GP"); and
iii) Lawrence M. Robbins ("Mr. Robbins").
This Statement relates to Shares (as defined herein) held for
the accounts of Glenview Capital Partners, L.P., a Delaware limited
partnership ("Glenview Capital Partners"), Glenview Institutional Partners,
L.P., a Delaware limited partnership ("Glenview Institutional Partners"), and
Glenview Capital Master Fund, Ltd., a Cayman Islands exempted company
("Glenview Capital Master Fund").
Glenview Capital Management serves as investment manager to
each of Glenview Capital Partners, Glenview Institutional Partners, and
Glenview Capital Master Fund. In such capacity, Glenview Capital Management
may be deemed to have voting and dispositive power over the Shares held for
the accounts of each of Glenview Capital Partners, Glenview Institutional
Partners, and Glenview Capital Master Fund. Glenview Capital GP is the general
partner of Glenview Capital Partners and Glenview Institutional Partners.
Glenview Capital GP also serves as the sponsor of the Glenview Capital Master
Fund. In such capacities, Glenview Capital GP may be deemed to have voting and
dispositive power over the Shares held for the accounts of each of Glenview
Capital Partners, Glenview Institutional Partners, and Glenview Capital Master
Fund. Mr. Robbins is the Chief Executive Officer of Glenview Capital
Management and Glenview Capital GP.
Item 2(b). Address of Principal Business Office or, if None, Residence
The address of the principal business office of each of
Glenview Capital Management, Glenview Capital GP, and Mr. Robbins is 399 Park
Avenue, Floor 39, New York, New York 10022.
Page 6 of 10 Pages
Item 2(c). Citizenship
i) Glenview Capital Management is a Delaware limited liability
company;
ii) Glenview Capital GP is a Delaware limited liability
company; and
iii) Mr. Robbins is a citizen of the United States of America.
Item 2(d). Title of Class of Securities:
Common Stock, $.10 par value per share (the "Shares")
Item 2(e). CUSIP Number:
69073F103
Item 3. If This Statement is Filed Pursuant to ss.ss.240.13d-1(b) or
240.13d-2(b) or (c), Check Whether the Person Filing is a:
This Item 3 is not applicable.
Item 4. Ownership:
Item 4(a). Amount Beneficially Owned:
As of April 8, 2005, each of the Reporting Persons may be
deemed to be the beneficial owner of 3,546,500 Shares. This amount consists
of: (A) 312,400 Shares held for the account of Glenview Capital Partners; (B)
2,166,100 Shares held for the account of Glenview Capital Master Fund; and (C)
1,068,000 Shares held for the account of Glenview Institutional Partners.
Item 4(b). Percent of Class:
The number of Shares of which each of the Reporting Persons may
be deemed to be the beneficial owner constitutes approximately 6.4% of the
total number of Shares outstanding (based upon information provided by the
Issuer in its most recently-filed 10-K, Amendment No. 1, there were
approximately 55,341,765 Shares outstanding as of January 31, 2005).
Item 4(c). Number of Shares of which such person has:
Glenview Capital Management, Glenview Capital GP, and Mr. Robbins:
------------------------------------------------------------------
(i) Sole power to vote or direct the vote: 0
(ii) Shared power to vote or direct the vote: 3,546,500
(iii) Sole power to dispose or direct the disposition of: 0
(iv) Shared power to dispose or direct the disposition of: 3,546,500
Page 7 of 10 Pages
Item 5. Ownership of Five Percent or Less of a Class:
This Item 5 is not applicable
Item 6. Ownership of More than Five Percent on Behalf of Another Person:
This Item 6 is not applicable
Item 7. Identification and Classification of the Subsidiary
Which Acquired the Security Being Reported on By the Parent
Holding Company:
This Item 7 is not applicable.
Item 8. Identification and Classification of Members of the Group:
This Item 8 is not applicable.
Item 9. Notice of Dissolution of Group:
This Item 9 is not applicable.
Item 10. Certification:
By signing below each of the Reporting Persons certifies that,
to the best of their knowledge and belief, the securities referred to above
were not acquired and are not held for the purpose of or with the effect of
changing or influencing the control of the issuer of the securities and were
not acquired and are not held in connection with or as a participant in any
transaction having that purpose or effect.
Page 8 of 10 Pages
SIGNATURE
After reasonable inquiry and to the best of my knowledge and
belief, I certify that the information set forth in this statement is true,
complete and correct.
Date: April 11, 2005 GLENVIEW CAPITAL MANAGEMENT, LLC
By: /s/ Lawrence M. Robbins
---------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: April 11, 2005 GLENVIEW CAPITAL GP, LLC
By: /s/ Lawrence M. Robbins
---------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: April 11, 2005 LAWRENCE M. ROBBINS
/s/ Lawrence M. Robbins
--------------------------------
Page 9 of 10 Pages
EXHIBIT INDEX
Ex. Page No.
-- --------
A. Joint Filing Agreement, dated April 11, 2005 by and among Glenview
Capital Management, LLC, Glenview Capital GP, LLC, and Lawrence M.
Robbins............................................................ 10
Page 10 of 10 Pages
EXHIBIT A
JOINT FILING AGREEMENT
The undersigned hereby agree that the statement on Schedule 13G
with respect to the Common Stock of Owens Corning dated as of April 11, 2005
is, and any amendments thereto (including amendments on Schedule 13D) signed
by each of the undersigned shall be, filed on behalf of each of us pursuant to
and in accordance with the provisions of Rule 13d-1(k) under the Securities
Exchange Act of 1934, as amended.
Date: April 11, 2005 GLENVIEW CAPITAL MANAGEMENT, LLC
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: April 11, 2005 GLENVIEW CAPITAL GP, LLC
By: /s/ Lawrence M. Robbins
----------------------------
Name: Lawrence M. Robbins
Title: Chief Executive Officer
Date: April 11, 2005 LAWRENCE M. ROBBINS
/s/ Lawrence M. Robbins
---------------------------------