GrafTech International Ltd. today announced the final results of its previously announced exchange offers and consent solicitations for its outstanding 4.625% senior secured notes due 2028 and 9.875% senior secured notes due 2028. The offers expired on December 20, 2024.
The company reported that 99.65% of the 4.625% notes, totaling $498,245,000 in principal amount, and 99.15% of the 9.875% notes, totaling $446,167,000 in principal amount, were validly tendered and accepted. This high participation rate ensures the success of the debt restructuring.
GrafTech received the necessary consents from noteholders to adopt proposed amendments to the indentures, which will eliminate substantially all restrictive covenants and certain events of default, and release collateral. The settlement of these transactions is expected to occur on December 23, 2024, significantly extending debt maturities to 2029 and enhancing the company's operational flexibility.
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