S&P rates GrafTech notes BB

S&P said it assigned BB issue-level and 2 recovery ratings to GrafTech International Ltd.'s planned $450 million of senior secured notes. The 2 recovery rating indicates substantial (70%-90%; rounded estimate: 85%) recovery in default.

The rating is the same as S&P’s on Graftech’s outstanding senior secured notes due 2028

GrafTech will use proceeds from the issuance to repay its outstanding term loan B due 2025 with $434 million outstanding.

The outlook is negative.

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