0001193125-19-205604.txt : 20190729 0001193125-19-205604.hdr.sgml : 20190729 20190729165802 ACCESSION NUMBER: 0001193125-19-205604 CONFORMED SUBMISSION TYPE: FWP PUBLIC DOCUMENT COUNT: 1 FILED AS OF DATE: 20190729 DATE AS OF CHANGE: 20190729 SUBJECT COMPANY: COMPANY DATA: COMPANY CONFORMED NAME: Owens Corning CENTRAL INDEX KEY: 0001370946 STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP SEC ACT: 1934 Act SEC FILE NUMBER: 333-222514 FILM NUMBER: 19981919 BUSINESS ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 BUSINESS PHONE: 419-248-8000 MAIL ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 FORMER COMPANY: FORMER CONFORMED NAME: Owens Corning (Reorganized) Inc. DATE OF NAME CHANGE: 20060731 FILED BY: COMPANY DATA: COMPANY CONFORMED NAME: Owens Corning CENTRAL INDEX KEY: 0001370946 STANDARD INDUSTRIAL CLASSIFICATION: ABRASIVE ASBESTOS & MISC NONMETALLIC MINERAL PRODUCTS [3290] IRS NUMBER: 000000000 STATE OF INCORPORATION: DE FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: FWP BUSINESS ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 BUSINESS PHONE: 419-248-8000 MAIL ADDRESS: STREET 1: ONE OWENS CORNING PARKWAY CITY: TOLEDO STATE: OH ZIP: 43659 FORMER COMPANY: FORMER CONFORMED NAME: Owens Corning (Reorganized) Inc. DATE OF NAME CHANGE: 20060731 FWP 1 d782279dfwp.htm FWP FWP

Filed Pursuant to Rule 433

Dated as of July 29, 2019

Registration Statement No. 333-222514

Term Sheet to Preliminary

Prospectus Supplement dated July 29, 2019

Pricing Term Sheet

Owens Corning

$450,000,000

3.950% Senior Notes due 2029

This pricing term sheet to the preliminary prospectus supplement dated July 29, 2019 should be read together with the preliminary prospectus supplement before making a decision in connection with an investment in the securities. The information in this pricing term sheet supersedes the information contained in the preliminary prospectus supplement to the extent that it is inconsistent therewith. Terms used but not defined herein have the meaning ascribed to them in the preliminary prospectus supplement.

 

Issuer:    Owens Corning
Expected Ratings (Moody’s / S&P / Fitch):*    Ba1/BBB/BBB-
Security:    3.950% Senior Notes due 2029
Principal Amount:    $450,000,000
Trade Date:    July 29, 2019
Settlement Date:    August 12, 2019 (T+10)
Interest Payment Dates:    February 15 and August 15, commencing February 15, 2020
Maturity Date:    August 15, 2029
Coupon:    3.950%
Public Offering Price:    99.787% of the principal amount
Benchmark Treasury:    2.375% due May 15, 2029
Benchmark Treasury Price / Yield:    102-26 / 2.056%
Spread to Benchmark Treasury:    +192 basis points
Yield to Maturity:    3.976%
Optional Redemption Provisions:   

Make-Whole Call:

    Prior to May 15, 2029 (three months prior to their maturity), greater of par and a make whole at Treasury plus 30 basis points, plus accrued and unpaid interest to, but not including, the date of redemption.

Par Call:

    On or after May 15, 2029 (three months prior to their maturity), par plus accrued and unpaid interest to, but not including, the date of redemption.
CUSIP / ISIN:    690742 AJ0 / US690742AJ00
Joint Book-Running Managers:    BofA Securities, Inc.
   Citigroup Global Markets Inc.
   Wells Fargo Securities, LLC
Senior Co-Managers:    Credit Agricole Securities (USA) Inc.
   Goldman Sachs & Co. LLC
Co-Managers:    BNP Paribas Securities Corp.
   Fifth Third Securities, Inc.
   HSBC Securities (USA) Inc.
   J.P. Morgan Securities LLC
   Loop Capital Markets LLC
   PNC Capital Markets LLC
   Scotia Capital (USA) Inc.

 

 

*

Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

The issuer has filed a registration statement (including a prospectus) with the SEC for the offering to which this communication relates. Before you invest, you should read the prospectus in that registration statement and other documents the issuer has filed with the SEC for more complete information about the issuer and this offering. You may get these documents for free by visiting EDGAR on the SEC web site at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in the offering will arrange to send you the prospectus if you request it by calling BofA Securities, Inc. toll free at 1-800-294-1322, Citigroup Global Markets Inc. toll-free at 1-800-831-9146, or Wells Fargo Securities, LLC toll-free 1-800-645-3751.