GrafTech extends revolver, adds incremental loans, lowers pricing

By Marisa Wong

Los Angeles, June 2 – GrafTech International Ltd. and its indirect wholly owned subsidiaries, GrafTech Finance Inc., GrafTech Luxembourg II Sarl and GrafTech Switzerland SA, entered into a third amendment on May 31 to their credit agreement dated Feb. 12, 2018 with JPMorgan Chase Bank, NA as administrative agent, according to an 8-K filing with the Securities and Exchange Commission.

The amendment provides for incremental revolving commitments in an aggregate amount not to exceed $80 million and extends the initial revolver maturity date to May 31, 2027.

In addition, the amendment lowers the applicable rate for revolving loans, which is based on the company’s senior secured first-lien net leverage ratio. The spread for alternate base rate loans now ranges from 150 basis points to 200 bps, decreased from a range of 225 bps to 275 bps. The margin for term SOFR (previously Libor) and adjusted Euribor loans now ranges from 250 bps to 300 bps, reduced from a range of 325 bps to 375 bps.

As of the amendment date, the total initial revolving commitment is $330 million.

GrafTech is a Parma, Ohio-based carbon and graphite product manufacturing company.

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