Company: OC
Filing Date: 2025-02-14
Form Type: 8-K
Source: 0001370946-25-000070
Chunk: 2

Company: Owens Corning
Filing Date: 2025-02-14
Form: 8-K
Item: Item 8.01
Chunk 2
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Item 8.01.      Other Events.  

On February 13, 2025, the Company entered into a definitive agreement with Triumph Non-Ionics Pvt Ltd., a private limited company incorporated in the Republic of India (“ Triumph”), and 3B Lux S.à. r. l, a private limited liability company incorporated under the Laws of the Grand Duchy of Luxembourg (“3B”) (Triumph and 3B, the “ Purchasers”), Ayana Chemicals Singapore Pte. Ltd., a private limited company incorporated under the Laws of Singapore, as guarantor (“ Ayana”), and Artek US Holding Corp., a Delaware corporation, as conditional guarantor (“ Artek US”), providing for the sale of materially all of the GR Business at an enterprise value of $755,000,000, including $68 million of net metal lease liabilities (the “ Transaction”). The Purchasers, Ayana and Artek US are affiliates and a part of the Praana Group of Mumbai, India (“ Praana Group”).

Completion of the Transaction is expected to occur in 2025 and is subject to certain customary regulatory approvals and other conditions as well as to the receipt of certain required consents. The Company expects after-tax net proceeds from the Transaction following customary and transaction specific price adjustments of approximately $360 million, inclusive of $225 million of promissory notes to be issued to the Company by the Purchasers (or one or more of their affiliates). The promissory notes will be comprised of (i) a $150 million unsecured promissory note issued by two affiliates of the Purchasers to the Company and due thirty (30) months from the closing of the Transaction (the “ Unsecured Note”), and (ii) a $75 million secured promissory note issued by two affiliates of the Purchasers to the Company and due twenty-four (24) months from the closing of the Transaction and accruing interest at ten percent (10%) per annum with the possibility of a drop down in rate if certain conditions are satisfied (the “ Secured Note”). The Secured Note will be secured by certain metal alloys owned by the GR Business. The Unsecured Note will accrue interest at seventeen percent (17%) per annum with the possibility of a drop down in rate if certain conditions are satisfied. In addition, the Company expects to sell approximately $100 million of excess metal alloy from the GR Business after closing. Upon a successful close, the Company expects to utilize the after-tax net cash proceeds of the Transaction to