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
Email a colleague
Request a PDF

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 Total Volume $m No. of Deals Share % by Volume
1 Bank of America Merrill Lynch (BAML) 7,026 25 11.95
2 Citi 6,449 21 10.96
3 BNP Paribas 5,093 18 8.66
4 Barclays 4,040 11 6.87
5 Lloyds Bank 3,615 14 6.15

Bookrunners of Global Structured Finance

Rank Lead Manager Amount $m No of issues Share %
  • Last updated
  • Today
1 Citi 1,712.34 6 12.44%
2 SG Corporate & Investment Banking 1,292.64 1 9.39%
2 Rabobank 1,292.64 1 9.39%
4 Mizuho 1,215.54 3 8.83%
5 Wells Fargo Securities 1,012.71 4 7.36%