<SEC-DOCUMENT>0001193125-15-140483.txt : 20150915
<SEC-HEADER>0001193125-15-140483.hdr.sgml : 20150915
<ACCEPTANCE-DATETIME>20150421201630
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ACCESSION NUMBER:		0001193125-15-140483
CONFORMED SUBMISSION TYPE:	CORRESP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20150421

FILER:

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			GRAFTECH INTERNATIONAL LTD
		CENTRAL INDEX KEY:			0000931148
		STANDARD INDUSTRIAL CLASSIFICATION:	ELECTRICAL INDUSTRIAL APPARATUS [3620]
		IRS NUMBER:				061385548
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		CORRESP

	BUSINESS ADDRESS:	
		STREET 1:		6100 OAK TREE BOULEVARD
		STREET 2:		SUITE 300 PARK CENTER I
		CITY:			INDEPENDENCE
		STATE:			OH
		ZIP:			44131
		BUSINESS PHONE:		2166762000

	MAIL ADDRESS:	
		STREET 1:		6100 OAK TREE BOULEVARD
		STREET 2:		SUITE 300 PARK CENTER I
		CITY:			INDEPENDENCE
		STATE:			OH
		ZIP:			44131

	FORMER COMPANY:	
		FORMER CONFORMED NAME:	UCAR INTERNATIONAL INC
		DATE OF NAME CHANGE:	19941011
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<TYPE>CORRESP
<SEQUENCE>1
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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman" ALIGN="center">April&nbsp;21, 2015 </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Via EDGAR and EMAIL </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil, Esq.
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Senior Special Counsel </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Office of Mergers and Acquisitions
</P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">United States Securities and Exchange Commission </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Division
of Corporation Finance </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Washington, D.C. 20549 </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">Re:</TD>
<TD ALIGN="left" VALIGN="top"><B>GrafTech International Ltd.</B> </TD></TR></TABLE>
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<TD WIDTH="13%">&nbsp;</TD>
<TD WIDTH="4%" VALIGN="top" ALIGN="left">&nbsp;&nbsp;</TD>
<TD ALIGN="left" VALIGN="top"><B>PRE 14A filed March&nbsp;31, 2015,</B> </TD></TR></TABLE> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B>as amended by PRER 14A filed April&nbsp;13, 2015
<U> </U></B></P> <P STYLE="margin-top:0pt; margin-bottom:0pt; margin-left:17%; font-size:10pt; font-family:Times New Roman"><B><U>File No.&nbsp;001-13888</U> </B></P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Dear Ms.&nbsp;Piland Posil: </P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">This letter is
submitted in response to the comments of the staff (the &#147;Staff&#148;) of the Office of Mergers and Acquisitions of the Division of Corporation Finance of the United States Securities and Exchange Commission (the &#147;Commission&#148;) set
forth in your letter dated April&nbsp;17, 2015, with respect to the above-referenced preliminary proxy statement (the &#147;Proxy Statement&#148;) filed by GrafTech International Ltd. (the &#147;Company&#148;) on March&nbsp;31, 2015, as amended on
April&nbsp;13, 2015. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">For your convenience, I have set forth each comment from your letter in bold typeface and included the
Company&#146;s response below it. References to page numbers mean page numbers of the amended Proxy Statement filed concurrently herewith. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>About
the Annual Meeting, page 1 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>We note the revised disclosure in response to prior comment 6. Please revise to clarify that
discretionary authority may be exercised to vote for a substitute nominee if a bona fide nominee named in the proxy statement is &#147;unable to serve or for good cause will not serve.&#148; See Rule 14a-4(c)(5). </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will revise the disclosure to clarify that discretionary authority may be exercised to
vote for a substitute nominee if a bona fide nominee named in the proxy statement is &#147;unable to serve or for good cause will not serve.&#148; </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;21, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Two </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Voting Mechanics, page 3 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Please disclose the effect of abstentions on proposals 1-4 and 6. See Item&nbsp;21(b) of Schedule 14A. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will add the effect of abstentions on proposals 1-4 and 6. </P>
<P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>What are the possible effects, under the Company&#146;s debt agreements &#133;, page 6 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Disclosure indicates that a &#147;ratings downgrade for this purpose will be deemed to occur only if each rating agency downgrades the notes
(if the notes are then investment grade) or one rating agency downgrades the notes (if the notes are then below investment grade).&#148; Please reconcile this disclosure with the definition of a Ratings Event in the Indenture filed as Exhibit 4.1 to
the Form 8-K filed November&nbsp;20, 2012. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will reconcile its disclosure with
the definition of a Ratings Event in the Indenture filed as Exhibit 4.1 to the Form 8-K filed November&nbsp;20, 2012. </P> <P STYLE="margin-top:18pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposal One: Election of
Nine Directors &#133;, page 7 </U></B></P> <P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Disclosure indicates that the &#147;Board unanimously recommends submitting the enclosed WHITE
proxy &#133; to vote FOR each of the Board&#146;s seven nominees for director&#148; and the &#147;Board unanimously recommends that you disregard any blue proxy or voting instruction card that may be sent to you by the Milikowskys.&#148; Please
advise us, with a view toward revised disclosure, how the Board reached a unanimous decision in those regards since three of the seven current directors are participants in a solicitation in opposition to the company&#146;s nominees. </B></P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges the Staff&#146;s comment and will revise this disclosure to clarify that the Board recommends such submission (as
opposed to &#147;the Board unanimously recommends&#148; such submission). </P>

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 <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Tiffany Piland Posil </P>
<P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">April&nbsp;21, 2015 </P> <P STYLE="margin-top:0pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman">Page Three </P>
<P STYLE="margin-top:12pt; margin-bottom:0pt; font-size:10pt; font-family:Times New Roman"><B><U>Proposal Five: By-Law Repeal Proposal, page 85 </U></B></P>
<P STYLE="margin-top:6pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman"><B>Disclosure indicates that &#147;Mr. Milikowsky delivered to the Company a notice of intent to present at the Annual Meeting a proposal to
repeal any new by-law or any amendment to the by-laws in effect as of the date of the Annual Meeting and adopted after September&nbsp;30, 2012 that is inconsistent with or disadvantageous to the Milikowsky Group or to the election of the members of
the Milikowsky Control Slate.&#148; However, the actual text of the resolution does not appear to limit its scope to amendments that are inconsistent with or disadvantageous to the Milikowsky Group or to the election of the members of the Milikowsky
Control Slate. Please revise to reconcile the disclosure with the actual text and scope of the resolution. </B></P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">The Company acknowledges
the Staff&#146;s comment and will remove the disclosure which limits the scope of the resolution to amendments that that are inconsistent with or disadvantageous to the Milikowsky Group or to the election of the members of the Milikowsky Control
Slate. </P> <P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">On behalf of the Company, I hereby acknowledge that: </P> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company is responsible for the adequacy and accuracy of the disclosure in the Proxy Statement; </TD></TR></TABLE> <P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">Staff comments or changes to disclosure in response to Staff comments do not foreclose the Commission from taking any action with respect to the Proxy Statement; and </TD></TR></TABLE>
<P STYLE="font-size:6pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P>
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<TD WIDTH="4%">&nbsp;</TD>
<TD WIDTH="3%" VALIGN="top" ALIGN="left">&#149;</TD>
<TD WIDTH="1%" VALIGN="top">&nbsp;</TD>
<TD ALIGN="left" VALIGN="top">the Company may not assert Staff comments as a defense in any proceeding initiated by the Commission or any person under the federal securities laws of the United States. </TD></TR></TABLE>
<P STYLE="margin-top:12pt; margin-bottom:0pt; text-indent:4%; font-size:10pt; font-family:Times New Roman">Thank you very much for your attention to our response. I would welcome the opportunity to discuss further any of the points discussed in this
letter or to provide supplementary materials that will assist in your review. If you have any questions, please call me at (216)&nbsp;676-2397. </P> <P STYLE="font-size:12pt;margin-top:0pt;margin-bottom:0pt">&nbsp;</P><DIV ALIGN="right">
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<TD VALIGN="top">Sincerely yours,</TD></TR>
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<TD HEIGHT="16"></TD></TR>
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<TD VALIGN="top" STYLE="BORDER-BOTTOM:1px solid #000000">/s/ John D. Moran</TD></TR>
<TR STYLE="font-family:Times New Roman; font-size:10pt">
<TD VALIGN="bottom">John D. Moran</TD></TR>
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