New Issue: GrafTech prices $300 million eight-year notes at par to yield 6 3/8%

By Paul A. Harris

Portland, Ore., Nov. 15 - GrafTech International Ltd. priced a $300 million issue of eight-year senior notes (Ba2/BB+/) at par to yield 6 3/8% on Thursday, according to a market source.

The yield printed in the middle of the 6¼% to 6½% yield talk.

J.P. Morgan Securities LLC, Bank of America Merrill Lynch, BNP Paribas Securities Corp., RBS Securities Inc. and Wells Fargo Securities LLC were the joint bookrunners.

The Parma, Ohio-based manufacturer of graphite electrodes and needle coke plans to use the proceeds to pay down its revolving credit facility.

Issuer:	GrafTech International Ltd.
Amount:	$300 million
Maturity:	Nov. 15, 2020
Securities:	Senior notes
Bookrunners:	J.P. Morgan Securities LLC, Bank of America Merrill Lynch, BNP Paribas Securities Corp., RBS Securities Inc., Wells Fargo Securities, LLC
Co-managers:	Fifth Third Securities Inc., PNC Capital Markets LLC, KeyBanc Capital Markets Inc., Scotia Capital (USA) Inc., Banco Santander SA, Huntington Investment Co., U.S. Bancorp Investments Inc.
Coupon:	6 3/8%
Price:	Par
Yield:	6 3/8%
Spread:	518 bps
Call features:	Make-whole call at Treasuries plus 50 bps until Nov. 15, 2016, then callable at 103.188, 101.594, par on and after Nov. 15, 2018
Equity clawback:	35% at 106.375 until Nov. 15, 2015
Change-of-control put:	101%
Trade date:	Nov.15
Settlement date:	Nov. 20
Ratings:	Moody's: Ba2
	Standard & Poor's: BB+
Distribution:	Rule 144A and Regulation S with registration rights
Price talk:	6¼% to 6½%
Marketing:	Roadshow

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