GrafTech International gets $570 million amended, restated revolver

By Sara Rosenberg

New York, Oct. 11 - GrafTech International Ltd. amended and restated its senior secured revolving credit facility, extending the maturity to Oct. 7, 2016 and increasing the size to $570 million from $260 million, according to an 8-K filed with the Securities and Exchange Commission on Tuesday.

Also, the amendment and restatement provides the company with additional flexibility for investments, capital expenditures, acquisitions and restricted payments.

Pricing on the revolver can range from Libor plus 150 basis points to 225 bps and the unused fee can range from 25 bps to 40 bps, based on leverage.

Covenants include minimum interest coverage and maximum senior secured debt leverage ratios.

JPMorgan Chase Bank is the administrative agent on the deal that was completed on Oct. 7, with Bank of America Merrill Lynch and BNP Paribas Securities Corp. involved as well.

Proceeds are available for working capital requirements.

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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