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S&P rates GrafTech Finance notes BB-
S&P said it assigned its BB- issue-level rating and 3 recovery rating to the proposed $500 million of senior secured notes due 2028 issued by GrafTech International Ltd.’s finance subsidiary GrafTech Finance Inc. The 3 recovery rating indicates expectations for meaningful (30%-50%; rounded estimate: 65%) recovery in default.
The company plans to use the proceeds, net of fees and expenses, to prepay a portion of its senior secured term loan.
All of S&P’s other GrafTech ratings remain unchanged, S&P said.
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