GrafTech International Ltd. announced today that its subsidiaries, GrafTech Finance Inc. and GrafTech Global Enterprises Inc., have commenced separate offers to exchange their outstanding 4.625% senior secured notes due 2028 and 9.875% senior secured notes due 2028. These notes are being exchanged for new 4.625% second lien notes due 2029 and 9.875% second lien notes due 2029, respectively.
The exchange offers are for an aggregate principal amount of up to $500,000,000 for the 4.625% notes and up to $450,000,000 for the 9.875% notes. Simultaneously, the company is soliciting consents to amend the indentures governing the existing notes, which would eliminate substantially all restrictive covenants and certain events of default, and release collateral.
Holders representing approximately 89% of the 4.625% notes and 72% of the 9.875% notes have agreed to tender their notes and provide consent. This strong support from noteholders indicates a high likelihood of success for the transactions, which are designed to extend debt maturities and enhance GrafTech's financial flexibility. The offers are set to expire on December 20, 2024.
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