GrafTech International amends credit facility, increases liquidity

By Tali Rackner

Norfolk, Va., March 2 – GrafTech International Ltd. amended its revolving credit facility to provide additional flexibility, resulting in access to the full $400 million revolver, according to a press release.

In addition, the company established a new $40 million senior secured term loan facility.

Initial interest is Libor plus 225 basis points. The spread is based on leverage.

GrafTech said the purpose of the amendment is to further enhance its capital structure and provide more than ample liquidity to repay its $200 million senior subordinated notes due in November 2015, while comfortably funding its ongoing operations and initiatives.

The term loan is a delayed draw facility, which will be used in connection with the repayment of the notes.

The term loan facility was provided by a group of financial institutions led by J.P. Morgan and Bank of America NA.

GrafTech is a Parma, Ohio-based manufacturer of graphite electrodes and needle coke.

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