GrafTech launches exchange offers for $950M notes due 2028; seeks covenant removal

GRAFTECH INTERNATIONAL LTD

Exchange offers to swap $500M 4.625% notes and $450M 9.875% notes due 2028 for new second lien notes due 2029.
Consent solicitations to eliminate substantially all restrictive covenants and release collateral; requires 50% and 66.7% thresholds.
Supporting Noteholders holding ~89% of 4.625% notes and ~72% of 9.875% notes have agreed to tender and consent.
Exchange offers expire Dec 20, 2024; acceptance conditioned on at least 80% aggregate tender of existing notes.
New notes rank pari passu with senior debt and are secured by a second-priority lien on company assets.

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