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<TITLE>Filed by Bowne Pure Compliance</TITLE>
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<P style="font-size: 14pt" align="center"><B>UNITED STATES<BR>
SECURITIES AND
EXCHANGE COMMISSION<BR>
<FONT style="font-size: 12pt">Washington, D.C. 20549
</FONT></B>

<P style="font-size: 18pt" align="center"><B>FORM 8-K</B>

<P style="font-size: 12pt" align="center"><B>CURRENT REPORT<BR>
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934</B>

<P style="font-size: 10pt" align="center"><B>Date of Report (Date of earliest
event reported): &nbsp;January 7, 2009</B>

<P style="font-size: 24pt" align="center"><B>USG CORPORATION<BR>
</B><FONT
style="font-size: 10pt">(Exact name of registrant as specified in its charter)
</FONT>
<TABLE style="font-size: 10pt; text-align: center" cellspacing="0"
cellpadding="0" width="100%" border="0">

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  <TD width="32%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="33%">&nbsp;</TD>
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  <TD width="32%">&nbsp;</TD>
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 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>Delaware</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>1-8864</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>36-3329400</B></TD>
 </TR>
 <TR valign="top">
  <TD>(State or other Jurisdiction of Incorporation)</TD>
  <TD>&nbsp;</TD>
  <TD>(Commission File Number)</TD>
  <TD>&nbsp;</TD>
  <TD>(IRS Employer Identification No.)</TD>
 </TR>

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cellpadding="0" width="100%" border="0">

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  <TD width="49%">&nbsp;</TD>
  <TD width="1%">&nbsp;</TD>
  <TD width="49%">&nbsp;</TD>
 </TR>
 <TR valign="bottom">
  <TD style="border-bottom: #000000 1px solid"><B>550 West Adams Street,
Chicago, Illinois <BR>
</B></TD>
  <TD>&nbsp;</TD>
  <TD style="border-bottom: #000000 1px solid"><B>60661-3676</B></TD>
 </TR>
 <TR valign="top">
  <TD>(Address of Principal Executive Offices)</TD>
  <TD>&nbsp;</TD>
  <TD>(Zip Code)</TD>
 </TR>

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<P style="font-size: 10pt" align="center">Registrant&#8217;s telephone number,
including area code: <B>(312) 436-4000</B>
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cellpadding="0" width="30%" border="0">

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 <TR>
  <TD style="border-bottom: #000000 1px solid" nowrap><B>&nbsp;</B></TD>
 </TR>
 <TR>
  <TD nowrap>(Former name or former address if changed since last report.)</TD>
 </TR>

</TABLE>


<P style="font-size: 10pt" align="left">Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:

<P style="font-size: 10pt" align="left"><FONT face="Wingdings">o</FONT> Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)<BR>
<BR>
<FONT face="Wingdings">o</FONT> Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))<BR>
<BR>
<FONT
face="Wingdings">o</FONT> Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))<BR>



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<P style="font-size: 10pt" align="center">&nbsp;

<P style="display: none; font-size: 10pt" align="center">&nbsp;
</DIV>


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<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" valign="top"><B>ITEM 1.01</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Entry into a Material Definitive Agreement.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On January&nbsp;7, 2009, USG Corporation (the &#147;Company&#148;) entered into the Second Amendment and
Restatement Agreement, dated as of January&nbsp;7, 2009 (the &#147;Restatement Agreement&#148;), among the
Company, JPMorgan Chase Bank, N.A., as administrative agent (the &#147;Administrative Agent&#148;), and the
lenders party thereto pursuant to which the Company&#146;s unsecured Amended and Restated Credit
Agreement, dated as of July&nbsp;31, 2007, as amended, was amended and restated as the Second Amended
and Restated Credit Agreement, dated as of January&nbsp;7, 2009 (the &#147;Credit Agreement&#148;), among the
Company, as borrower, the Administrative Agent, the lenders party thereto and Goldman Sachs Credit
Partners L.P., as Syndication Agent. The Credit Agreement is secured by trade receivables and
inventory of the Company and the Company&#146;s material domestic subsidiaries (the &#147;Guarantors&#148;). The
Credit Agreement allows for revolving loans (the &#147;Revolving Loans&#148;) and letters of credit (up to
$250&nbsp;million, in aggregate) in an aggregate principal amount not to exceed the lesser of (i) $500
million and (ii)&nbsp;a borrowing base determined by reference to the trade receivables and inventory of
the Company and the Guarantors (as more fully described in the Credit Agreement). The maximum
allowable borrowings may be increased at the request of the Company and with the agreement of the
lenders, provided that the maximum allowable borrowings after giving effect to the increase may not
exceed $600&nbsp;million.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Revolving Loans bear interest at a floating rate based upon the Alternate Base Rate or, at
the option of the Company, the Adjusted LIBO rate (each as described in the Credit Agreement) plus
3.00%. The Company may prepay the Revolving Loans under the Credit Agreement in its discretion
without premium or penalty. The Credit Agreement terminates on August&nbsp;2, 2012, unless terminated
earlier in accordance with its terms.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Credit Agreement also provides for Revolving Loans that, at the request of the Company and
in the Administrative Agent&#146;s discretion, result in borrowings that exceed the maximum allowable
borrowings under the Credit Agreement (&#147;Overadvances&#148;). Overadvances may not exceed $25&nbsp;million,
may not remain outstanding for more than 30&nbsp;days and bear interest at a floating rate based upon
the Alternate Base Rate plus 5.00%.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Credit Agreement contains a covenant that would require the Company to maintain a minimum
fixed charge coverage ratio of 1.1 to 1.0 if and for so long as Excess Availability (as defined in
the Credit Agreement) is less than the greater of (i) $50&nbsp;million and (ii)&nbsp;15% of the aggregate
revolving commitments at such time. The Credit Agreement also contains customary representations
and warranties and usual and customary affirmative and negative covenants that, among other things,
restrict the Company&#146;s and certain of its subsidiaries&#146; ability, in certain circumstances, to (1)
incur indebtedness, (2)&nbsp;create liens, (3)&nbsp;merge or consolidate with certain entities, (4)&nbsp;engage in
any business other than business of the type or reasonably related to the type conducted on the
date of the Credit Agreement, (5)&nbsp;sell, transfer, lease or otherwise dispose of all or
substantially all of their assets, (6)&nbsp;issue or sell equity interests of certain of the Company&#146;s
subsidiaries, (7)&nbsp;make certain investments, loans or advances, (8)&nbsp;engage in sale-leaseback
transactions, (9)&nbsp;enter into certain swap or similar agreements, (10)&nbsp;make certain dividends,
distributions, repurchases and other restricted payments and (11)&nbsp;engage in certain affiliate
transactions. The Credit Agreement also contains certain customary events of default, including,
but not limited to, the failure to make required payments, material breaches of representations or
warranties, the failure to observe certain covenants or agreements, the failure to pay or default
of certain other indebtedness, the failure to maintain the guarantee pursuant to the Guarantee
Agreement described below, certain adverse material monetary judgments, bankruptcy, insolvency and
a change of control. Borrowings under the Credit Agreement are subject to acceleration upon the
occurrence of events of default.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the Credit Agreement, the Company entered into the Guarantee Agreement,
dated as of January&nbsp;7, 2009 (the &#147;Guarantee Agreement&#148;), among the Company, the Guarantors and the
Administrative Agent, pursuant to which the Company and the Guarantors guarantee the obligations of
the Company under the Credit Agreement and the Guarantors under the Guarantee Agreement.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In connection with the Credit Agreement, the Company also entered into the Pledge and Security
Agreement, dated as of January&nbsp;7, 2009 (the &#147;Pledge and Security Agreement&#148;), among the Company,
the Guarantors and the Administrative Agent, pursuant to which the Company and Guarantors granted a
security interest in all trade receivables and inventory, and proceeds in respect thereof, and all
related deposit accounts to the Administrative Agent as collateral for borrowings under the Credit
Agreement and the obligations under the Guarantee Agreement.
</DIV>
<P align="center" style="font-size: 10pt; text-indent: 4%">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The Restatement Agreement, the Credit Agreement, the Guarantee Agreement and the Pledge and
Security Agreement are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form
8-K. The foregoing descriptions of the Restatement Agreement, the Credit Agreement, the Guarantee
Agreement and the Pledge and Security Agreement are qualified in their entirety by reference to the
full text of such documents, which are incorporated herein by reference thereto.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" valign="top"><B>ITEM 1.02</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Termination of a Material Definitive Agreement.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">On January&nbsp;7, 2009, the Company terminated its Credit Agreement, dated as of September&nbsp;9, 2008
(the &#147;2008 Credit Agreement&#148;), among the Company, as parent borrower and loan party representative,
the subsidiary borrowers party thereto and JPMorgan Chase Bank, N.A., as administrative agent,
together with the related Guarantee Agreement and Pledge and Security Agreement (and all liens and
security interests granted therein) executed in connection with the 2008 Credit Agreement on
September&nbsp;9, 2008. The 2008 Credit Agreement provided for revolving loans in an aggregate
principal amount not to exceed the lesser of (i) $170&nbsp;million and (ii)&nbsp;a borrowing base determined
by reference to the trade receivables of the Company and the subsidiary borrowers. The 2008 Credit
Agreement was to mature on September&nbsp;9, 2013, and the Company paid no fees or penalties in
connection with its early termination.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Descriptions of the material terms of the 2008 Credit Agreement and the Guarantee Agreement
and Pledge and Security Agreement executed in connection with the 2008 Credit Agreement can be
found under Item&nbsp;1.01 in the Current Report on Form 8-K filed by the Company with the Securities
and Exchange Commission on September&nbsp;15, 2008 and such descriptions are incorporated herein by
reference thereto.
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">In addition, in connection with the Restatement Agreement, on January&nbsp;7, 2009, the guarantees
provided by the Guarantors under the Guarantee Agreement, dated as of November&nbsp;11, 2008 (the &#147;Prior
Guarantee Agreement), among the Company, the Guarantors and the Administrative Agent were released
and the Prior Guarantee Agreement was terminated. Pursuant to the Prior Guarantee Agreement, the
Company and each of the Guarantors had guaranteed the obligations of the Company under the Credit
Agreement and the Guarantors under the Prior Guarantee Agreement prior to the amendment and
restatement of the Credit Agreement. For a discussion of the new Guarantee Agreement with respect
to the Credit Agreement, see Item&nbsp;1.01 of this Current Report on Form 8-K.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
</TR>

<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" valign="top"><B>ITEM 2.03</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">The information disclosed under Item&nbsp;1.01 of this Current Report on Form 8-K relating to the
Credit Agreement is incorporated herein by reference.
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">

<TR valign="bottom">
    <TD width="11%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="88%">&nbsp;</TD>
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<TR style="font-size: 10pt" valign="bottom">
    <TD align="left" valign="top"><B>ITEM 9.01</B></TD>
    <TD>&nbsp;</TD>
    <TD align="left"><B>Financial Statements and Exhibits.</B></TD>
</TR>
</TABLE>
</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><B><I>(d)&nbsp;Exhibits.</I></B>
</DIV>

<DIV align="center">
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    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

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<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amendment and Restatement Agreement, dated as of January&nbsp;7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amended and Restated Credit Agreement, dated as of January&nbsp;7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.*</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.3</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guarantee Agreement, dated as of January&nbsp;7, 2009, among USG Corporation, the subsidiary
guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.4</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pledge and Security Agreement, dated as of January&nbsp;7, 2009, among USG Corporation, the
subsidiary guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*</DIV></TD>
</TR>
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</DIV>

<DIV align="left" style="font-size: 10pt; margin-top: 10pt"><DIV align="left"><DIV style="font-size: 10pt; margin-top: 10pt; width: 18%; border-bottom: 1px solid #000000">&nbsp;</DIV></DIV>
</DIV>

<TABLE width="100%" border="0" cellpadding="0" cellspacing="0" style="font-size: 10pt">
<TR style="font-size: 6pt">
    <TD width="3%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="96">&nbsp;</TD>
</TR>
<TR valign="top">
    <TD nowrap align="left">*</TD>
    <TD>&nbsp;</TD>
    <TD>The schedules and exhibits to the Second Amended and Restated Credit Agreement, the
Guarantee Agreement and the Pledge and Security Agreement have been omitted. A copy of any
omitted schedule or exhibit will be furnished to the Securities and Exchange Commission
supplementally upon request.</TD>
</TR>

</TABLE>

<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>SIGNATURE</B>
</DIV>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt; text-indent: 4%">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
</DIV>

<TABLE width="100%" border="0" cellspacing="0" cellpadding="0" style="font-size: 10pt">
<TR>
    <TD width="48%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="35%">&nbsp;</TD>
    <TD width="15%">&nbsp;</TD>
</TR>
<TR>
    <TD valign="top" align="left">&nbsp;</TD>
    <TD colspan="3" align="left">USG CORPORATION<BR>
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD valign="top">By:&nbsp;&nbsp;</TD>
    <TD colspan="2" style="border-bottom: 1px solid #000000" align="left">/s/ Richard H. Fleming
&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Richard H. Fleming,&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR><TR>
    <TD align="left">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD colspan="2" align="left">Executive Vice President and<BR>
Chief Financial Officer&nbsp;</TD>
    <TD>&nbsp;</TD>
</TR>
<TR>
    <TD colspan="5">&nbsp;</TD>
</TR>
</TABLE>


<DIV align="left" style="font-size: 10pt; margin-top: 10pt">Dated: January&nbsp;12, 2009
</DIV>
<P align="center" style="font-size: 10pt">&nbsp;

<P align="center" style="font-size: 10pt"><!-- Folio -->&nbsp;<!-- /Folio -->
</DIV>

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<DIV align="center" style="font-size: 10pt; margin-top: 10pt"><B>EXHIBIT INDEX</B>
</DIV>

<DIV align="center">
<TABLE style="font-size: 10pt" cellspacing="0" border="0" cellpadding="0" width="100%">
<!-- Begin Table Head --><TR valign="bottom">
    <TD width="5%">&nbsp;</TD>
    <TD width="1%">&nbsp;</TD>
    <TD width="5%">&nbsp;</TD>
    <TD width="3%">&nbsp;</TD>
    <TD width="77%">&nbsp;</TD>
</TR>
<TR style="font-size: 10pt" valign="bottom">
    <TD nowrap align="center" colspan="3" style="border-bottom: 1px solid #000000">Number</TD>
    <TD>&nbsp;</TD>
    <TD nowrap align="left" style="border-bottom: 1px solid #000000">Description</TD>
</TR>

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    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.1</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amendment and Restatement Agreement, dated as of January&nbsp;7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px"><!-- Blank Space -->
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">&nbsp;</TD>
    <TD valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">&nbsp;</DIV></TD>
</TR>
<TR valign="bottom" style="padding-top: 1px">
    <TD nowrap align="right" valign="top">&nbsp;</TD>
    <TD align="right" valign="top">10.2</TD>
    <TD nowrap valign="top">&nbsp;</TD>
    <TD>&nbsp;</TD>
    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Second Amended and Restated Credit Agreement, dated as of January&nbsp;7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.*</DIV></TD>
</TR>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Guarantee Agreement, dated as of January&nbsp;7, 2009, among USG Corporation, the subsidiary
guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*</DIV></TD>
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    <TD valign="top"><DIV style="margin-left:0px; text-indent:-0px">Pledge and Security Agreement, dated as of January&nbsp;7, 2009, among USG Corporation, the
subsidiary guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*</DIV></TD>
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    <TD>The schedules and exhibits to the Second Amended and Restated Credit Agreement, the
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omitted schedule or exhibit will be furnished to the Securities and Exchange Commission
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[{"type": "8-K", "sequence": "1", "filename": "c79368e8vk.htm", "description": "FORM 8-K", "secsgml_size_bytes": 27080}]
{"company-data": {"conformed-name": "USG CORP", "cik": "0000757011", "assigned-sic": "3270", "irs-number": "363329400", "state-of-incorporation": "DE", "fiscal-year-end": "1231"}, "filing-values": {"form-type": "8-K", "act": "34", "file-number": "001-08864", "film-number": "09521482"}, "business-address": {"street1": "550 WEST ADAMS STREET", "street2": "DEPARTMENT 188", "city": "CHICAGO", "state": "IL", "zip": "60661", "phone": "312-606-4000"}, "mail-address": {"street1": "DEPARTMENT #188", "street2": "550 WEST ADAMS STREET", "city": "CHICAGO", "state": "IL", "zip": "60661"}}
Filed by Bowne Pure Compliance
UNITED STATES
SECURITIES AND
EXCHANGE COMMISSION
Washington, D.C. 20549
FORM 8-K
CURRENT REPORT
Pursuant to
Section 13 or 15(d) of the Securities Exchange Act of 1934
Date of Report (Date of earliest
event reported):  January 7, 2009
USG CORPORATION
(Exact name of registrant as specified in its charter)
Delaware
1-8864
36-3329400
(State or other Jurisdiction of Incorporation)
(Commission File Number)
(IRS Employer Identification No.)
550 West Adams Street,
Chicago, Illinois
60661-3676
(Address of Principal Executive Offices)
(Zip Code)
Registrant's telephone number,
including area code:
(312) 436-4000
(Former name or former address if changed since last report.)
Check the appropriate box below if the
Form 8-K filing is intended to simultaneously satisfy the filing obligation of
the registrant under any of the following provisions:
o
Written
communications pursuant to Rule 425 under the Securities Act (17 CFR
230.425)
o
Soliciting material pursuant
to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o
Pre-commencement communications pursuant to Rule
14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o
Pre-commencement communications pursuant to Rule
13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
ITEM 1.01
Entry into a Material Definitive Agreement.
On January 7, 2009, USG Corporation (the "Company") entered into the Second Amendment and
Restatement Agreement, dated as of January 7, 2009 (the "Restatement Agreement"), among the
Company, JPMorgan Chase Bank, N.A., as administrative agent (the "Administrative Agent"), and the
lenders party thereto pursuant to which the Company's unsecured Amended and Restated Credit
Agreement, dated as of July 31, 2007, as amended, was amended and restated as the Second Amended
and Restated Credit Agreement, dated as of January 7, 2009 (the "Credit Agreement"), among the
Company, as borrower, the Administrative Agent, the lenders party thereto and Goldman Sachs Credit
Partners L.P., as Syndication Agent. The Credit Agreement is secured by trade receivables and
inventory of the Company and the Company's material domestic subsidiaries (the "Guarantors"). The
Credit Agreement allows for revolving loans (the "Revolving Loans") and letters of credit (up to
$250 million, in aggregate) in an aggregate principal amount not to exceed the lesser of (i) $500
million and (ii) a borrowing base determined by reference to the trade receivables and inventory of
the Company and the Guarantors (as more fully described in the Credit Agreement). The maximum
allowable borrowings may be increased at the request of the Company and with the agreement of the
lenders, provided that the maximum allowable borrowings after giving effect to the increase may not
exceed $600 million.
The Revolving Loans bear interest at a floating rate based upon the Alternate Base Rate or, at
the option of the Company, the Adjusted LIBO rate (each as described in the Credit Agreement) plus
3.00%. The Company may prepay the Revolving Loans under the Credit Agreement in its discretion
without premium or penalty. The Credit Agreement terminates on August 2, 2012, unless terminated
earlier in accordance with its terms.
The Credit Agreement also provides for Revolving Loans that, at the request of the Company and
in the Administrative Agent's discretion, result in borrowings that exceed the maximum allowable
borrowings under the Credit Agreement ("Overadvances"). Overadvances may not exceed $25 million,
may not remain outstanding for more than 30 days and bear interest at a floating rate based upon
the Alternate Base Rate plus 5.00%.
The Credit Agreement contains a covenant that would require the Company to maintain a minimum
fixed charge coverage ratio of 1.1 to 1.0 if and for so long as Excess Availability (as defined in
the Credit Agreement) is less than the greater of (i) $50 million and (ii) 15% of the aggregate
revolving commitments at such time. The Credit Agreement also contains customary representations
and warranties and usual and customary affirmative and negative covenants that, among other things,
restrict the Company's and certain of its subsidiaries' ability, in certain circumstances, to (1)
incur indebtedness, (2) create liens, (3) merge or consolidate with certain entities, (4) engage in
any business other than business of the type or reasonably related to the type conducted on the
date of the Credit Agreement, (5) sell, transfer, lease or otherwise dispose of all or
substantially all of their assets, (6) issue or sell equity interests of certain of the Company's
subsidiaries, (7) make certain investments, loans or advances, (8) engage in sale-leaseback
transactions, (9) enter into certain swap or similar agreements, (10) make certain dividends,
distributions, repurchases and other restricted payments and (11) engage in certain affiliate
transactions. The Credit Agreement also contains certain customary events of default, including,
but not limited to, the failure to make required payments, material breaches of representations or
warranties, the failure to observe certain covenants or agreements, the failure to pay or default
of certain other indebtedness, the failure to maintain the guarantee pursuant to the Guarantee
Agreement described below, certain adverse material monetary judgments, bankruptcy, insolvency and
a change of control. Borrowings under the Credit Agreement are subject to acceleration upon the
occurrence of events of default.
In connection with the Credit Agreement, the Company entered into the Guarantee Agreement,
dated as of January 7, 2009 (the "Guarantee Agreement"), among the Company, the Guarantors and the
Administrative Agent, pursuant to which the Company and the Guarantors guarantee the obligations of
the Company under the Credit Agreement and the Guarantors under the Guarantee Agreement.
In connection with the Credit Agreement, the Company also entered into the Pledge and Security
Agreement, dated as of January 7, 2009 (the "Pledge and Security Agreement"), among the Company,
the Guarantors and the Administrative Agent, pursuant to which the Company and Guarantors granted a
security interest in all trade receivables and inventory, and proceeds in respect thereof, and all
related deposit accounts to the Administrative Agent as collateral for borrowings under the Credit
Agreement and the obligations under the Guarantee Agreement.
The Restatement Agreement, the Credit Agreement, the Guarantee Agreement and the Pledge and
Security Agreement are filed as Exhibits 10.1, 10.2, 10.3 and 10.4 to this Current Report on Form
8-K. The foregoing descriptions of the Restatement Agreement, the Credit Agreement, the Guarantee
Agreement and the Pledge and Security Agreement are qualified in their entirety by reference to the
full text of such documents, which are incorporated herein by reference thereto.
ITEM 1.02
Termination of a Material Definitive Agreement.
On January 7, 2009, the Company terminated its Credit Agreement, dated as of September 9, 2008
(the "2008 Credit Agreement"), among the Company, as parent borrower and loan party representative,
the subsidiary borrowers party thereto and JPMorgan Chase Bank, N.A., as administrative agent,
together with the related Guarantee Agreement and Pledge and Security Agreement (and all liens and
security interests granted therein) executed in connection with the 2008 Credit Agreement on
September 9, 2008. The 2008 Credit Agreement provided for revolving loans in an aggregate
principal amount not to exceed the lesser of (i) $170 million and (ii) a borrowing base determined
by reference to the trade receivables of the Company and the subsidiary borrowers. The 2008 Credit
Agreement was to mature on September 9, 2013, and the Company paid no fees or penalties in
connection with its early termination.
Descriptions of the material terms of the 2008 Credit Agreement and the Guarantee Agreement
and Pledge and Security Agreement executed in connection with the 2008 Credit Agreement can be
found under Item 1.01 in the Current Report on Form 8-K filed by the Company with the Securities
and Exchange Commission on September 15, 2008 and such descriptions are incorporated herein by
reference thereto.
In addition, in connection with the Restatement Agreement, on January 7, 2009, the guarantees
provided by the Guarantors under the Guarantee Agreement, dated as of November 11, 2008 (the "Prior
Guarantee Agreement), among the Company, the Guarantors and the Administrative Agent were released
and the Prior Guarantee Agreement was terminated. Pursuant to the Prior Guarantee Agreement, the
Company and each of the Guarantors had guaranteed the obligations of the Company under the Credit
Agreement and the Guarantors under the Prior Guarantee Agreement prior to the amendment and
restatement of the Credit Agreement. For a discussion of the new Guarantee Agreement with respect
to the Credit Agreement, see Item 1.01 of this Current Report on Form 8-K.
ITEM 2.03
Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet
Arrangement of a Registrant.
The information disclosed under Item 1.01 of this Current Report on Form 8-K relating to the
Credit Agreement is incorporated herein by reference.
ITEM 9.01
Financial Statements and Exhibits.
(d) Exhibits.
Number
Description
10.1
Second Amendment and Restatement Agreement, dated as of January 7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.
10.2
Second Amended and Restated Credit Agreement, dated as of January 7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.*
10.3
Guarantee Agreement, dated as of January 7, 2009, among USG Corporation, the subsidiary
guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*
10.4
Pledge and Security Agreement, dated as of January 7, 2009, among USG Corporation, the
subsidiary guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*
*
The schedules and exhibits to the Second Amended and Restated Credit Agreement, the
Guarantee Agreement and the Pledge and Security Agreement have been omitted. A copy of any
omitted schedule or exhibit will be furnished to the Securities and Exchange Commission
supplementally upon request.
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly
caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
USG CORPORATION
By:
/s/ Richard H. Fleming
Richard H. Fleming,
Executive Vice President and
Chief Financial Officer
Dated: January 12, 2009
EXHIBIT INDEX
Number
Description
10.1
Second Amendment and Restatement Agreement, dated as of January 7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.
10.2
Second Amended and Restated Credit Agreement, dated as of January 7, 2009, among USG
Corporation, as borrower, JPMorgan Chase Bank, N.A., as administrative agent, and the lenders
party thereto.*
10.3
Guarantee Agreement, dated as of January 7, 2009, among USG Corporation, the subsidiary
guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*
10.4
Pledge and Security Agreement, dated as of January 7, 2009, among USG Corporation, the
subsidiary guarantors party thereto and JPMorgan Chase Bank, N.A., as administrative agent.*
*
The schedules and exhibits to the Second Amended and Restated Credit Agreement, the
Guarantee Agreement and the Pledge and Security Agreement have been omitted. A copy of any
omitted schedule or exhibit will be furnished to the Securities and Exchange Commission
supplementally upon request.