EXHIBIT 99.2
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BMCA NEWS
Building Materials 1361 Alps Road, Wayne, NJ 07470 973 628-3000
Corp. of America
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BUILDING MATERIALS CORPORATION OF AMERICA
ANNOUNCES NEW SENIOR SECURED CREDIT FACILITIES AND
COMPLETION OF BOND TENDER OFFERS
NEW YORK - February 22, 2007- Building Materials Corporation of America ("BMCA")
announced today that it has entered into new senior secured credit facilities
consisting of a new $975 million term loan facility, a new $600 million
revolving credit facility and a $325 million bridge loan facility and has
completed its previously announced bond tender offer and consent solicitation.
The initial borrowings under these facilities were used (i) to pay for tendered
shares which were accepted for payment by BMCA Acquisition Sub Inc., a
wholly-owned subsidiary of BMCA, in connection with its tender offer for shares
of ElkCorp common stock, par value $1.00 per share (which was the subject of a
separate press release today), (ii) to repay amounts outstanding under BMCA's
existing revolving credit facility, (iii) to make payments in connection with
the successful completion by BMCA and Building Materials Manufacturing
Corporation ("BMMC," and together with BMCA, the "Purchasers") of the previously
announced tender offer and consent solicitation for their outstanding 8% Senior
Notes due 2007 (the "2007 Notes"), (iv) to make payments in connection with the
successful completion by BMCA of its previously announced tender offer and
consent solicitation for its outstanding 8% Senior Notes due 2008 (the "2008
Notes," and together with the 2007 Notes, the "Notes") and (v) to pay for
transaction fees and expenses incurred in connection with each of the foregoing
transactions.
The tender offers and consent solicitations for both Notes expired at 12:00
midnight, New York City time on February 21, 2007. Approximately $97.5 million,
or 97.5%, of the aggregate principal amount outstanding of the 2007 Notes and
$150 million, or 96.9%, of the aggregate principal amount outstanding of the
2008 Notes were accepted for payment by the Purchasers and BMCA, respectively.
In completing the tender offers, the supplemental indentures previously executed
by BMCA and BMMC have become operative.
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BMCA INFORMATION
Building Materials Corporation of America, which operates under the name of GAF
Materials Corporation, is an indirect subsidiary of G-I Holdings Inc. With
annual sales in 2006 approximating $2.0 billion, BMCA is North America's largest
manufacturer of residential and commercial roofing products and specialty
building products.
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FORWARD-LOOKING STATEMENTS
This release contains some forward-looking statements as defined by the federal
securities laws which are based on our current expectations and assumptions,
which are subject to a number of risks and uncertainties that could cause actual
results to differ materially from those anticipated, projected or implied. We
undertake no obligation to publicly update any forward-looking statements,
whether as a result of new information, future events or otherwise.
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