Owens Corning entered into a $350 million term loan agreement with Wells Fargo Bank as administrative agent.

Borrowings under the credit facility may be used for general corporate purposes and working capital.

Interest on outstanding indebtedness under the facility accrues at a rate equal to either the highest of Wells Fargo’s prime rate, the federal funds rate plus 0.50% and except when LIBOR is unavailable, LIBOR + 1.00%; plus an applicable margin based upon the then applicable corporate credit ratings of the company; or if available, LIBOR plus an applicable margin based upon the then applicable corporate credit ratings of Owens Corning.

The facility matures on the earlier of June 7, 2018 or the date of acceleration of the facility pursuant to certain terms.

Toledo, OH-based Owens Corning is a global company that develops and produces insulation, roofing and fiberglass composites. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois.