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Pricing Supplement dated May 8, 1997 Rule 424(b)(2)
(To Prospectus dated May 1, 1997 and Registration No. 333-24501
Prospectus Supplement dated May 1, 1997)
OWENS CORNING
Medium-Term Notes - Fixed Rate
Principal Amount: $60,000,000 Interest Rate: 7.00%
Agents Commission or Discount: $210,000 Rate of interest on any overdue
Net proceeds to Owens Corning: $59,790,000 principal, premium, and/or
interest: 9.00%
Stated Maturity: May 15, 2000
Original Issue Date: May 13, 1997
Exchange Rate Agent (if other than The Bank of New York):
Interest Payment Dates:
[x] May 1 and November 1
[ ] Other: ___________________ and ________________
Record Dates:
[x] April 15 and October 16
[ ] Other: __________________ and ________________
Redemption:
[x] The Notes cannot be redeemed prior to the Stated Maturity.
[ ] The Notes may be redeemed prior to the Stated Maturity.
Redemption Commencement Date:
Initial Redemption Percentage:
Annual Redemption Percentage Reduction: ______% until Redemption
Percentage is 100% of the principal amount.
Optional Repayment:
[x] The Notes cannot be repaid prior to the Stated Maturity.
[ ] The Notes can be repaid prior to the Stated Maturity at the option of
the holder of the Notes.
Optional Repayment Date(s):
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Currency:
Specified Currency:
[x] U.S. dollars
[ ] Other (see attached):
Authorized Denomination:
[x] $100,000 and integral multiples of $1,000 in excess thereof
[ ] Other ______________________
Original Issue Discount: [ ] Yes [x] No
Total Amount of OID:
Yield to Maturity:
Initial Accrual Period:
Form: [x] Book-Entry [ ] Certificated
Agent: [x] Goldman, Sachs & Co.
[x] Chase Securities Inc.
[x] Credit Suisse First Boston Corporation
[x] Dillion, Read & Co. Inc.
[ ] Other ______________________
Agent acting in the capacity as indicated below:
[x] Agent [ ] Principal
If as principal:
[ ] The Notes are being offered at varying prices related to
prevailing market prices at the time of resale.
[ ] The Notes are being offered at a fixed initial public offering
price of ____% of principal amount.
If as Agent:
The Notes are being offered at a fixed initial public offering price
of 100% of Principal Amount.
[ ] An Addendum (as referred to in the Prospectus Supplement) is attached
hereto, containing terms and provisions to which reference is hereby made.
Other Provisions:
