Company: OC
Filing Date: 2025-05-07
Form Type: 10-Q
Source: 0001628280-25-022858
Chunk: 72

Company: Owens Corning
Filing Date: 2025-05-07
Form: 10-Q
Item: Part I, Item 2
Chunk 72
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 millions)20252024Restructuring Excluding Depreciation and Amortization $(3)$(10)Gains on sale of certain precious metals9 — Strategic review-related charges— (2)Paroc marine recall(1)(1)Acquisition-related transaction costs— (18)Acquisition-related integration costs(2)— Loss on Assets Held for Sale(2)— General corporate expense and other(60)(46)EBITDA$(59)$(77)

EBITDA

In Corporate, Other and Eliminations, EBITDA expenses for the first quarter of 2025 were lower by $18 million compared to the same period in 2024, primarily driven by lower acquisition-related transaction and restructuring costs, along with gains on sale of certain precious metals, partially offset by increased General corporate expense and other.

General corporate expense and other for the first quarter of 2025 were higher by $14 million compared to the same period in 2024.                    

OUTLOOK

In 2025, we estimate general corporate expenses to be approximately $240 million to $260 million.

LIQUIDITY, CAPITAL RESOURCES AND OTHER RELATED MATTERS

Liquidity

The Company’s primary sources of liquidity are its balance of Cash and cash equivalents from continuing operations of $400 million as of March 31, 2025, its commercial paper program ("CP Program") and Senior Revolving Credit Facility (as defined below).

The Company has a $1.5 billion senior revolving credit facility (the “Senior Revolving Credit Facility”) that has been amended from time to time. The Senior Revolving Credit Facility was most recently amended in March 2025 to increase the borrowing limit from $1.0 billion to $1.5 billion and extend the maturity date to March 2030. No other significant terms impacting liquidity were amended.

The agreement governing our Senior Revolving Credit Facility contains various covenants that we believe are usual and customary. These covenants include a maximum allowed leverage ratio. We were in compliance with these covenants as of March 31, 2025. 

On March 5, 2025, the Company established the CP Program for the issuance of $1.5 billion in unsecured commercial paper notes (the "CP Notes") with maturities up to 397 days from the date of issuance. We do not intend to have outstanding commercial paper borrowings in excess of available capacity