Owens Corning Sells $2 Billion of Bonds to Repay Bridge Loan

Owens Corning, a maker of roofing and insulation materials, tapped the US investment-grade bond market Wednesday for $2 billion to help refinance a bridge loan for its acquisition of Masonite International Corp.

The Toledo, Ohio-based company sold bonds in three parts, according to a person familiar with the matter. The longest portion, a 30-year note, will yield 130 basis points over Treasuries, the person said, asking not to be identified because the discussions are private. Earlier discussions called for 160 basis points over the benchmark.

The proceeds will refinance some of the $2.8 billion the company borrowed under a ...