Company: OC
Filing Date: 2025-02-24
Form Type: 10-K
Source: 0001370946-25-000077
Chunk: 405

Company: Owens Corning
Filing Date: 2025-02-24
Form: 10-K
Item: Item 8
Chunk 405
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 drawing (the “364-Day Credit Facility”). In May 2024, to fund a portion of the purchase of Masonite, the Company borrowed $2.8 billion using Term SOFR plus a spread on the 364-Day Credit Facility. As a result of the borrowing, the Company incurred approximately $16 million of financing fees which were amortized to Interest expense, net on the Consolidated Statements of Earnings. During the second quarter of 2024, the Company completely repaid the 364-Day Credit Facility with a combination of proceeds from the issuance of new senior notes, borrowings on the Receivables Securitization Facility and cash on hand. Based on terms of the agreement, no further amounts can be drawn. 

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Table of ContentsOWENS CORNING AND SUBSIDIARIESNOTES TO CONSOLIDATED FINANCIAL STATEMENTS (continued)14.    DEBT (continued)

Credit Facility UtilizationThe following table shows how the Company utilized its primary sources of liquidity:Balance at December 31, 2024(In millions)Senior Revolving Credit FacilityReceivables Securitization FacilityFacility size or borrowing limit$1,000 $300 Collateral capacity limitation on availabilityN/A— Outstanding borrowings— — Outstanding letters of credit4 1 Availability on facility$996 $299 Debt MaturitiesThe aggregate maturities for all outstanding long-term debt borrowings for each of the five years following December 31, 2024 and thereafter are presented in the table below. The maturities below are the aggregate par amounts of the outstanding senior notes and finance lease liabilities:(In millions)MaturitiesFiscal Year:2025$38 2026433 2027526 202852 2029473 2030 and beyond3,730 Total$5,252 Short-Term DebtAt December 31, 2024 and December 31, 2023, short-term borrowings were approximately $1 million. The short-term borrowings for both periods consisted of various operating lines of credit. The weighted average interest rate on all short-term borrowings was approximately 3.8% and 5.1% for December 31, 2024 and December 31, 2023, respectively.

15.    PENSION PLANS

Pension PlansThe Company sponsors defined benefit pension plans. Under the plans, pension benefits are based on an