Owens Corning Climbs Higher On $7 Bln Asbestos Litigation Claim

Owens Corning's bank debt climbed to 109 1/4-110 1/4 from 107-109 last week after the company moved a step closer to the resolution of its protracted asbestos litigation.

  • 08 Apr 2005
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Owens Corning's bank debt climbed to 109 1/4-110 1/4 from 107-109 last week after the company moved a step closer to the resolution of its protracted asbestos litigation. The jump followed a ruling by Judge John Fullam to set at $7 billion the amount of claims against Owens Corning caused by asbestos exposure.

The company's bank debt settled in the 107-109 range in February, when it jumped 16 points to 107 1/2-108 1/2. This occurred after oral arguments in the appeal against a ruling on substantive consolidation were presented in front of a three-judge panel in Philadelphia (LMW, 2/14). Last October, the court controversially ruled that Owens Corning's assets and debt would be consolidated under one entity affecting $1.6 billion of bank debt. An Owens Corning spokesman did not return calls.

  • 08 Apr 2005

GlobalCapital European securitization league table

Rank Lead Manager/Arranger Share % by Volume
1 Societe Generale 15.35
2 Rabobank 14.41
3 Morgan Stanley 11.73
4 Barclays 8.99
5 Credit Agricole 7.57

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • 27 Feb 2017
1 Wells Fargo Securities 11,897.40 33 11.83%
2 Bank of America Merrill Lynch 9,837.56 29 9.78%
3 Citi 9,714.54 32 9.66%
4 JPMorgan 7,997.38 24 7.95%
5 Credit Suisse 6,335.67 14 6.30%