Graftech International Ltd. (NYSE: EAF) recently announced the final results of its exchange offers and consent solicitations, revealing that eligible holders have tendered a significant portion of their outstanding notes. The exchange offers presented the opportunity for eligible holders to exchange their outstanding 4.625% senior secured notes due 2028 for new 4.625% second lien notes due 2029 and their 9.875% senior secured notes due 2028 for new 9.875% second lien notes due 2029.
The final results as of the expiration of the exchange offers on December 20, 2024, revealed that $498,245,000 of the 4.625% senior secured notes due 2028 and $446,167,000 of the 9.875% senior secured notes due 2028 were tendered and accepted. This represents 99.65% and 99.15% of the outstanding notes, respectively.
As part of the settlement of the exchange offers, Graftech International Ltd. will pay in cash accrued and unpaid interest on the existing notes accepted in the exchange offers from the latest interest payment date to the settlement date. Furthermore, interest on the new notes will accrue from the date of first issuance of the new notes.
In addition to the exchange offers, the company also completed its solicitation of consents, with eligible holders consenting to adopt proposed amendments to the indentures governing the existing notes. The proposed amendments include the elimination of restrictive covenants, certain events of default, and related provisions and definitions in the existing notes indentures, as well as the release of all collateral securing the existing notes.
The consummation of the exchange offers, consent solicitations, and the issuance of the new notes remains subject to the satisfaction of the terms and conditions outlined in the offering memorandum.
Graftech International Ltd. is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. The company's competitive portfolio of low-cost, ultra-high power graphite electrode manufacturing facilities, along with its substantial vertical integration into petroleum needle coke, provides Graftech with competitive advantages in product quality and cost. Today the company's shares have moved 0.0% to a price of $1.58. For more information, read the company's full 8-K submission here.
