S&P reviews GrafTech

Standard & Poor's said it placed its ratings on GrafTech International Ltd., including its BB- corporate credit rating, on CreditWatch with negative implications.

The CreditWatch placement follows the announcements that Brookfield intends to tender for some to all of the outstanding common shares of GrafTech at a purchase price of $5.05 per share, as well as separately purchasing $150 million of 7% convertible preferred shares in a private offering. The preferred shares will be convertible into common shares up to 19.9% in one series and up to an additional 2% in a second series.

Until it can properly assess the effects on GrafTech's financial policy due to the possible introduction of a financial sponsor ownership, S&P said the corporate credit rating and issue-level ratings on the company will remain on CreditWatch.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.