GrafTech draws on revolver for purchase of interest in Seadrift

By Sara Rosenberg

New York, July 1 - GrafTech International Ltd. borrowed $100 million under its revolving credit facility to help fund the $135 million acquisition of an 18.9% minority interest in Seadrift Coke LP, according to an 8-K filed with the Securities and Exchange Commission Tuesday.

The remaining funds for the transaction were provided by roughly $35 million of cash on hand.

The revolver borrowings are expected to be repaid with operating cash flow within the next 12 months.

GrafTech bought the minority interest in Seadrift, a producer of petroleum needle coke, from Falcon Mezzanine Partners LP.

GrafTech is a Parma, Ohio-based manufacturer and provider of synthetic and natural graphite and carbon-based products and technical and research and development services.

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