Owens Corning - OC STOCK NEWS

Owens Corning (NYSE: OC) and Masonite International (NYSE: DOOR) have announced the extension of the expiration time and early participation deadline for their Tender Offer and Consent Solicitation. The new deadlines are now 5:00 p.m., New York City time, on May 14, 2024. All other terms remain unchanged. This extension follows the receipt of requisite consents to amend the indenture governing Masonite's notes, eliminating certain covenants and provisions. The Tender Offer and Consent Solicitation are part of Owens Corning's acquisition of Masonite, with both companies retaining the right to amend terms. As of May 13, 2024, $471.27 million of Masonite Notes have been tendered, representing 94.25% of the total principal amount. The amendments will become effective upon the consummation of the acquisition and satisfaction of other conditions.

The press release discusses the importance of inclusivity and authenticity at Owens Corning, highlighting Brenda Karras' contributions to building an inclusive workforce. Brenda's involvement in affinity groups like HOLA has helped foster connections, promote diversity, and support talent attraction and retention. The PR emphasizes the benefits of an inclusive workplace and showcases Owens Corning's commitment to social sustainability through inclusion and diversity.

Owens Corning and Masonite International have announced an exchange offer and consent solicitation related to Owens Corning's planned acquisition of Masonite. The exchange offer involves exchanging 3.50% Senior Notes due 2030 issued by Masonite for new notes to be issued by Owens Corning, along with soliciting consents for proposed amendments to the indenture governing the existing notes. The offer includes various payments and considerations, subject to specific conditions and deadlines.

Owens Corning (OC) announced the expiration of the waiting period under the Hart-Scott-Rodino Antitrust Improvements Act of 1976 for the planned acquisition of Masonite International (DOOR). The waiting period ended on April 26, 2024, satisfying a closing condition for the transaction. Masonite shareholders have already approved the acquisition, with the closing expected in May 2024, pending customary conditions.

Owens Corning, a global leader in building and construction materials, focuses on sustainable material innovation through its Roofing, Insulation, and Composites businesses. With a strong presence in 30 countries and sales of $9.7 billion in 2023, the company aims to provide energy-efficient solutions and create value for customers and shareholders.

Owens Corning (NYSE: OC) and Masonite International (“Masonite”) (NYSE: DOOR) have extended the early participation deadline for the Tender Offer and Consent Solicitation to May 13, 2024. They announced successful results with 88.27% of Masonite Notes tendered and consents delivered by the early deadline. Holders who participated will receive the Total Consideration, including the Early Participation Payment, subject to the Arrangement’s consummation. The Proposed Amendments to the Masonite Indenture have been adopted, contingent on the completion of the Arrangement.

Owens Corning highlights the contributions of Paul Ferrara, Senior Safety Lead, in their 2023 Sustainability Report. The report showcases Ferrara's impact on safety initiatives within the company.

Owens Corning (NYSE: OC) reported first-quarter 2024 results with net sales of $2.3 billion, net earnings of $299 million, and adjusted EBIT of $438 million. The company delivered diluted EPS of $3.40 and adjusted diluted EPS of $3.59. Owens Corning returned $182 million to shareholders through dividends and share repurchases. The company's enterprise performance showcased strong margins and earnings growth. Owens Corning's strategic highlights include sustaining safety performance, an upcoming acquisition, and investing in innovation. Business performance in roofing, insulation, and composites segments showed positive trends. The company expects favorable market conditions in North America for the second quarter and maintains a solid financial outlook for 2024.

Owens Corning and Masonite International have announced a Tender Offer and Consent Solicitation in connection with Owens Corning's anticipated acquisition of Masonite. The offer involves the purchase of outstanding 5.375% Senior Notes due 2028 issued by Masonite. The Total Consideration for the notes is $1,003.75 per $1,000 Principal Amount, with an Early Participation Payment of $30.00. The Tender Offer and Consent Solicitation are subject to specific conditions and deadlines, with Holders eligible to receive the Total Consideration if they tender their notes by certain dates.

Owens Corning (NYSE: OC) will report its first-quarter financial results on April 24, 2024, followed by a call to discuss the results. The webcast replay will be accessible for a year. Callers can join the conference call using specific entry codes for different regions.