Owens Coring: [stock OC]
Providing High Quality Services at Very Low Prices
Price: $ 101.047
|CUSIP||Moody’s/S&P||Security Description||Current Rate||Maturity Date||Next Call Date @ Price|
|690742AA9||BA1/BBB-||OWENS CORNING NEW SR NT 6.50000%
|Payment Delay||0 DAY DELAY|
|First Coupon Date||12/01/2007|
|Last Coupon Date||06/01/2016|
|First Settlement Date||06/15/2007|
|Bonds In Default||NO|
|Day Count Basis||30/360|
Owens Corning Bond News
Corporate Bond: Owens Corning
Owens Corning Corporation (NYSE: OC) is the world’s largest manufacturer of fiberglass and related products. It was formed in 1935 as a partnership between two major American glassworks, Corning Glass Works and Owens-Illinois. The company was spun off as a separate entity on November 1, 1938. The company achieved major successes after the Second World War, with eventual annual sales of $6 billion (USD). However, major medical liabilities due to the company’s use of asbestos as a fireproofing agent led to the company’s Chapter 11 bankruptcy in 2000. In 1999, a jury in federal district court in Florida awarded $1.8 million compensatory damages and $31 million punitive damages against the company. According to the court, evidence showed that: “for more than thirty (30) years Owens-Corning concealed what it knew about the dangers of asbestos. In fact, Owens-Corning’s conduct was even worse than concealment, it also included intentional and knowing misrepresentations concerning the danger of its asbestos containing product, Kaylo. For instance, in 1956, Owens-Corning, after having been told by the Saranac Laboratory that Kaylo dust was ‘toxic,’ and that asbestos was a carcinogen, advertised Kaylo as being ‘non-toxic.'” Owens-Corning Fiberglas Corp. v. Ballard, 749 So.2d 483 (1999). The company emerged from Chapter 11 in October 2006.
Among the many products of Owens Corning is its fiberglass insulation. Since 1956, the company’s insulation has been dyed pink to provide visual contrast; the company became so associated with its pink insulation (originally planned as red, but the dye was not sufficiently concentrated, resulting in its current light pink coloring) product that it even registered the term “PINK” (in capital letters only) to refer to its insulation. It was granted atrademark on the color in In re Owens-Corning Fiberglas Corp., 774 F.2d 1116 (Fed. Cir. 1985). The cartoon character of the Pink Panther is used by Owens Corning as the mascot of its insulation division.
Another major product of Owens Corning is derived from its use of fiberglass as reinforcement for plastic products. The resulting fiberglass-reinforced plastic is the form of “fiberglass” used in boat hulls, automobile roofs, pipes, electric windmill blades, etc. This product is sold under thetrade name of “Fiberglas”.
The company also manufactures other building materials systems and composite solutions including roofing, stonework, and glass composite materials used in transportation, electronics, telecommunications and other high-performance applications.
Owens Coring Fixed Income Issues and Symbols.
|[stock O5Q.BE]||OWENS CORNING||BER|
|[stock O5Q.DE]||OWENS CORNING||GER|
|[stock O5Q.F]||OWENS CORNING||FRA|
|[stock OCWAW.OB]||OWENS CORNING WT A11||OBB|
|[stock OC-WTB]||OWENS CORNING WT A12||NYQ|
|[stock OC-WT]||OWENS CORNING WT A12||NYQ|
|[stock OC]||Owens Corning||NYQ|
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