GrafTech starts roadshow for $450 million notes due 2028; initial talk 10¾%-11% all-in yield

By Paul A. Harris

Portland, Ore., June 20 – GrafTech Global Enterprises Inc., a wholly owned subsidiary of GrafTech International Ltd., started a roadshow on Tuesday for a $450 million offering of senior secured notes due 2028 (B1/BB), according to market sources.

Initial talk has the notes coming with an all-in yield of 10¾% to 11%.

Pricing is expected on Thursday.

The Rule 144A and Regulation S 5.5-year notes come with 2.5 years of call protection.

J.P. Morgan Securities LLC is leading the deal.

Brooklyn Heights, Ohio-based GrafTech plans to use the proceeds to repay bank debt, with any remaining proceeds to be used for general corporate purposes.

The company supplies graphite electrode products essential to production of electric arc furnace steel and other ferrous and non-ferrous metals.

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