On Oct. 3, 2003, Standard&Poor's Ratings Services placed its ratings on GrafTech International Ltd. on CreditWatch with positive implications (see list below). The action followed the company's announcement that it has increased the size and fixed the price of their public offering from 16 million shares to 22 million. The offering is expected to raise approximately $176 million in gross proceeds and be applied to debt reduction. In addition, the underwriters have an option to purchase 3 million shares. Should this option be exercised, the company would receive approximately $26 million in additional gross proceeds. In resolving the CreditWatch, Standard&Poor's plans to meet with management and review the impact and amount of proceeds applied to debt
