GrafTech enters debt restructuring with $275M new loans; projects negative EBITDA through 2025

GRAFTECH INTERNATIONAL LTD

$175M initial first lien term loans + $100M delayed draw commitments; new $225M revolver maturing Nov 2028.
Exchange offers for all 4.625% and 9.875% secured notes due 2028 for new second lien notes due 2029 at par.
Over 81% of existing noteholders committed to tender and consent; closing requires ≥80% aggregate participation.
Projections: Adj. EBITDA $0M in 2024, ($28M)-$31M in 2025, then $346M by 2028; unlevered adj. FCF negative through 2025.
Term loans bear SOFR+6.00% (2% floor) or base+5.00%; ticking fee 3.75% p.a. on undrawn delayed draw commitments.

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