We advised an ad hoc group of noteholders and the first-lien term loan administrative and collateral agent on the transaction

Davis Polk advised an ad hoc group of noteholders in connection with the capital raise and refinancing of GrafTech International Ltd. and its affiliates (collectively, “GrafTech”). As part of this transaction, GrafTech entered into a new $275 million first-lien term loan facility, refinanced its existing revolving credit facility and consummated exchange offers for over 99% of its existing senior secured notes for new 4.625% senior secured notes due 2029 and 9.875% senior secured notes due 2029 in an aggregate principal amount of $498,245,000 and $446,167,000, respectively. Davis Polk also advised GLAS in its capacity as administrative and collateral agent for the first-lien term loans.

GrafTech is a leading manufacturer of high-quality graphite electrode products essential to the production of electric arc furnace steel and other ferrous and nonferrous metals. The company has approximately 1,250 employees worldwide, and has graphite electrode manufacturing facilities in France, Spain, Mexico and the United States.

The Davis Polk restructuring team included partners Damian S. Schaible and Angela M. Libby, counsel Joanna McDonald and associates Abraham Bane, Audrey Youn and Trevor D. Jones. The capital markets team included partner Hillary A. Coleman and associates Meaghan Kennedy, Dennis Chu and Maddie White. The finance team included partner Kenneth J. Steinberg, counsel Bernard Tsepelman and associate Matthew Vallade. Partner Lucy W. Farr and associate Tyler Scheiner provided tax advice. All members of the Davis Polk team are based in the New York office.

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