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Subsequent Events (Notes) | 3 Months Ended
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Mar. 31, 2014
Subsequent Events [Abstract] |
Subsequent Events [Text Block] |
(16) | Subsequent Events
On April 23, 2014, GrafTech and certain of its subsidiaries, entered into an Amended and Restated Credit Agreement that provides for, among other things, a five-year tenor, reduced borrowing spreads and greater financial flexibility. This amended facility has a borrowing capacity of $470 million and matures in April 2019. As a result of the refinancing, we expect to incur approximately $0.3 million of accelerated amortization charges related to debt issuance costs associated with the previous arrangement. These charges will be recognized as non-cash interest expense in the second quarter of 2014. Debt issuance costs associated with the new facility will be amortized over the life of the agreement. As of March 31, 2014, we had $206 million of unused borrowing capacity under the the previous arrangement(after considering financial covenants restrictions and the outstanding letters of credit of approximately $9.2 million). Had this Amended and Restated Credit Agreement been in place as of March 31, 2014, we would have had $332 million of unused borrowing capacity (after considering financial covenants restrictions and the outstanding letters of credit of approximately $9.2 million). The interest rate applicable to the Amended and Restated Credit Facility is, at GrafTech’s option, either LIBOR plus a margin ranging from 1.25% to 2.00% (depending on our total net leverage ratio) or, in the case of dollar denominated loans, the alternate base rate plus a margin ranging from 0.25% to 1.00% (depending upon such ratio). The alternate base rate is the highest of (i) the prime rate announced by JPMorgan Chase Bank, N.A., (ii) the federal fund effective rate plus one-half of 1.0% and (iii) the London interbank offering rate (as adjusted) for a one-month period plus 1.0%. The borrowers pay a per annum fee ranging from 0.20% to 0.35% (depending on our total leverage ratio) on the undrawn portion of the commitments under the Revolving Facility. The new financial covenants require us to maintain a minimum cash interest coverage ratio of 2.50 to 1.00 and a maximum senior secured leverage ratio of 3.00 to 1.00, subject to adjustment for certain events.

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- Definition The entire disclosure for significant events or transactions that occurred after the balance sheet date through the date the financial statements were issued or the date the financial statements were available to be issued. Examples include: the sale of a capital stock issue, purchase of a business, settlement of litigation, catastrophic loss, significant foreign exchange rate changes, loans to insiders or affiliates, and transactions not in the ordinary course of business. + References No definition available. + Details
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