Company: OC
Filing Date: 2025-11-05
Form Type: 10-Q
Source: 0001370946-25-000241
Chunk: 147

Company: Owens Corning
Filing Date: 2025-11-05
Form: 10-Q
Item: Part I, Item 8
Chunk 147
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 115 %369 112 %4.300% senior notes, net of discount and financing fees, due 2047590 83 %589 80 %4.400% senior notes, net of discount and financing fees, due 2048391 83 %391 80 %5.950% senior notes, net of discount and financing fees, due 2054683 103 %683 99 %Various finance leases, due through 2050 (a)303 100 %267 100 %Total long-term debt5,114 N/A5,099 N/ALess – current portion of senior notes399 99 %— — %Less – current portion of finance leases and other (a)37 100 %32 100 %Long-term debt, net of current portion$4,678 N/A$5,067 N/A(a)The Company determined that the book value of the above noted long-term debt instruments approximates fair value.The fair values of the Company’s outstanding long-term debt instruments were estimated using market observable inputs, including quoted prices in active markets, market indices and interest rate measurements. Within the hierarchy of fair value measurements, these are Level 2 fair values.Senior NotesThe Company issued $500 million of 2027 senior notes with an annual interest rate of 5.500%, $800 million of 2034 senior notes with an annual interest rate of 5.700% and $700 million of 2054 senior notes with an annual interest rate of 5.950% on May 31, 2024. The proceeds from these notes were used to repay a portion of the outstanding borrowings under the 364-Day Credit Facility (as defined below) that was used to fund a portion of the purchase of Masonite in the second quarter of 2024 and to pay related fees and expenses.On May 1, 2024, in connection with the acquisition of Masonite, we commenced an offer to exchange (the “Exchange Offer”) any and all of Masonite’s outstanding 3.50% Senior Notes due 2030 (the “Masonite 2030 notes”) for new 3.50% Senior Notes due 2030 of Owens Corning (the “Owens Corning 2030 notes”). On May 22, 2024, 99.51% of the outstanding Masonite 2030 notes were