Owens Corning/Fibreboard Asbestos Personal Injury Trust Prices Secondary Offering of Owens Corning Common Stock

TOLEDO, Ohio, Feb. 25, 2010 /PRNewswire-FirstCall/ -- Owens Corning (NYSE: OC) today announced that one of its stockholders, the Owens Corning/Fibreboard Asbestos Personal Injury Trust (the "Trust"), priced its previously announced secondary offering of 12,261,000 shares of its common stock at a price to the public of $23.75 per share. Owens Corning will not sell any shares in the offering and will not receive any proceeds from the offering.  The Trust has granted the underwriters a 30-day option to purchase up to an additional 1,839,000 shares of common stock, on the same terms and conditions, to cover over-allotments, if any. The offering is being conducted as a public offering pursuant to an effective shelf registration statement under the Securities Act of 1933. The offering is expected to close on March 2, 2010, subject to customary closing conditions.

BofA Merrill Lynch and J.P. Morgan are acting as joint book-running managers of the equity offering.  Wells Fargo Securities is the co-manager for the equity offering.

This press release shall not constitute an offer to sell or the solicitation of any offer to buy, nor shall there be any sale of these securities in any state or jurisdiction in which such offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such state or jurisdiction.  The offering of these securities will be made only by means of a prospectus, copies of which may be obtained from:  BofA Merrill Lynch, 4 World Financial Center, New York, NY 10080, Attn: Preliminary Prospectus Department or email [email protected] or J.P. Morgan, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, NY 11717.

About Owens Corning

Owens Corning (NYSE: OC) is a leading global producer of residential and commercial building materials, glass-fiber reinforcements and engineered materials for composite systems. A Fortune 500 Company for 55 consecutive years, Owens Corning is committed to driving sustainability by delivering solutions, transforming markets and enhancing lives. Founded in 1938, Owens Corning is a market-leading innovator of glass-fiber technology with sales of $4.8 billion in 2009 and about 16,000 employees in 28 countries on five continents.

SOURCE Owens Corning

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