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S&P: GrafTech unaffected
Standard & Poor said the rating and outlook on Graftech International Ltd. (B+/positive) are not affected at this time by the company's announcement that it will redeem $125 million of its outstanding 10¼% senior notes due 2012.
The company expects to carry out the optional redemption on Feb. 15, according to the agency. It will be funded through the combination of cash flow from operations and other financing activities. Upon completion of the planned redemption, $75 million in principal amount of the senior notes will be outstanding.
S&P said that while the expected debt reduction strengthens the company's consolidated financial profile, the agency said it remains concerned about rising raw material costs, needle coke supply and cyclical swings in demand.
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