GrafTech International Ltd. Secures Commitments For $500 Million Recapitalization
11.14.24
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Simpson Thacher is representing JPMorgan Chase Bank, N.A. as administrative agent on behalf of revolving lenders in connection with a proposed a “liability management” recapitalization of GrafTech International Ltd. (“GrafTech”).
The recapitalization will include a bond exchange with an ad hoc group of existing bondholders, new-money term loans and a new revolving loan facility of up to $225 million provided by the existing revolving lenders. The transaction is expected to close during the fourth quarter of 2024.
GrafTech is a leading manufacturer of graphite electrode products essential to the production of electric arc furnace steel and other ferrous and non-ferrous metals. Graftech is headquartered in Ohio and has operations around the world.
The Simpson Thacher team includes Nicholas Baker, Sandy Qusba, Soogy Lee, Ian Kitts and Patrick Murphy (Restructuring); and Jonathan Pall (Collateral).