GrafTech to reduce revolver to $375 million, eases financial covenants

By Wendy Van Sickle

Columbus, Ohio, July 29 – GrafTech International Ltd. will downsize its revolving credit facility to $375 million from $400 million and ease its financial covenants under an amendment, according to a company news release.

The amendment allows for a change in control in connection with a pending investment and tender offer by affiliates of Brookfield Asset Management.

Upon the change in control, which will be triggered upon 25% ownership by Brookfield, the facility’s financial covenants will be eased resulting in increased availability but the size will be reduced, according to the release

Based in Independence, Ohio, GrafTech offers manufactures graphite materials for customers in the steel manufacturing, advanced energy and electronics industries.

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