Our Luxembourg Banking & Finance, Capital Markets and Tax teams advised an ad-hoc group of noteholders on GrafTech Internal Ltd (NYSE: EAF)'s debt restructuring.
The restructuring included the exchange of the existing senior secured notes for two new senior secured notes in the aggregate principal amounts of approximately USD 498 million and USD 446 million, USD 275 million in new-money term loans and the establishment of a new revolving credit facility of up to USD 225 million provided by existing revolving lenders.
Our team provided legal advice to the noteholders and the revolving and term loan lenders. The deal's structure, supported by more than 81% of secured bondholders, indicated strong creditor confidence despite industry headwinds. The enhanced liquidity provided important breathing room that allowed GrafTech to weather the difficult market conditions at the time.
GrafTech is a global leader in producing high-quality graphite electrode products, essential for the manufacturing of electric arc furnace steel and various ferrous and nonferrous metals.