secwatch.observer — SEC 8-K summary
======================================

Issuer:     GRAFTECH INTERNATIONAL LTD (EAF)
CIK:        0000931148
Form:       8-K
Filed at:   2024-11-12T23:59:59+00:00
Accession:  0000931148-24-000119
Event type: debt
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.02, 7.01, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

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

- $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.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/931148/000093114824000119/0000931148-24-000119-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/931148/000093114824000119/gti-20241111.htm
  HTML page:      https://secwatch.observer/filing/0000931148-24-000119

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer