Bulletin: GrafTech International Ltd. Ratings Unaffected By $350 Million Term Loan B Add-On

NEW YORK (S&P Global Ratings) June 5, 2018--S&P Global Ratings today said that its ratings on Brooklyn Heights, Ohio-based graphite electrode producer GrafTech International Ltd. (B+/Stable/--) are not affected by the company's $350 million add-on to its existing $1.5 billion senior secured term loan B due 2025. We expect GrafTech to use the proceeds from this incremental debt to repay a portion of the $750 million promissory note it issued to its financial sponsor, Brookfield Asset Management. The company issued this note to finance a dividend associated with its IPO, which took place on April 19, 2018. This action is in line with our expectations, which we discussed in our previous bulletin published April 3, 2018, on RatingsDirect.

...NEW YORK (S&P Global Ratings) June 5, 2018--S&P Global Ratings today said that its ratings on Brooklyn Heights, Ohio-based graphite electrode producer GrafTech International Ltd. (B+/Stable/--) are not affected by the company's $350 million add-on to its existing $1.5 billion senior secured term loan B due 2025. We expect GrafTech to use the proceeds from this incremental debt to repay a portion of the $750 million promissory note it issued to its financial sponsor, Brookfield Asset Management. The company issued this note to finance a dividend associated with its IPO, which took place on April 19, 2018. This action is in line with our expectations, which we discussed in our previous bulletin published April 3, 2018, on RatingsDirect. Only a rating committee may determine a rating action and this report does not constitute a rating action....

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