Owens Corning announced that on March 1, 2024 (the Effective Date), the Company, as borrower, entered into that certain Second Amended and Restated Credit Agreement with various financial institutions, as lenders, and Wells Fargo Bank, National Association, as administrative agent. The Credit Agreement amends and restates the Company?s existing Amended and Restated Credit Agreement, dated as of July 23, 2021, as amended, among the Company, the lenders from time to time party thereto and Wells Fargo Bank, National Association, as administrative agent, to, among other things, increase the revolving commitments under the Senior Revolving Credit Facility by $200.0 million. The Credit Agreement provides for a senior revolving credit facility (the Senior Revolving Credit Facility) in an aggregate principal amount of $1.0 billion, including borrowings and letters of credit available in U.S. dollars, Euro, Sterling, Swiss Francs and Canadian dollars.

Interest on outstanding loans under the Senior Revolving Credit Facility accrues at a per annum rate equal to an applicable margin plus with respect to U.S. dollar denominated loans, at the Company?s option, either Adjusted Term SOFR (as defined in the Credit Agreement) or Base Rate (as defined in the Credit Agreement), with respect to Euro denominated loans, the Eurocurrency Rate (as defined in the Credit Agreement), with respect to Sterling denominated loans, SONIA (as defined in the Credit Agreement), with respect to Swiss Franc denominated loans, SARON (as defined in the Credit Agreement), and with respect to Canadian dollar denominated loans, Adjusted Term CORRA (as defined in the Credit Agreement). The applicable margin is based on the then-applicable debt ratings of the Company and ranges between 0.805% to 1.225% (or, in the case of Base Rate Loans (as defined in the Credit Agreement), 0.00% to 0.225%). The Credit Agreement includes provisions to address the unavailability of any interest rate benchmark.

The Credit Agreement contains customary representations and warranties, events of default and covenants, including, among other things, covenants applicable to the Company and its subsidiaries limiting priority indebtedness, liens and substantial asset sales and mergers, and a leverage ratio financial covenant. The Company?s subsidiaries are not required to guarantee the Company?s obligations under the Credit Agreement unless certain conditions precedent are met that do not exist at this time. The Senior Revolving Credit Facility matures on the earlier of March 1, 2029, the date of acceleration pursuant to its terms, or the date the commitments thereunder are terminated pursuant to the terms thereof.

The lenders under the Credit Agreement and their affiliates have provided investment banking, financial advisory and other services to the Company for customary fees and reimbursement of expenses, and those lenders may, from time to time, continue to do so. The representations, warranties and covenants contained in the Credit Agreement are made solely for purposes of the Credit Agreement and are solely for the benefit of the parties thereto.