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Subsequent Events | 3 Months Ended
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Mar. 31, 2016
Subsequent Events [Abstract] |
Subsequent Events | Subsequent Events On April 27, 2016, GrafTech and certain of its subsidiaries entered into an amendment to the Revolving Facility. The size of the Revolving Facility was permanently reduced from $375 million to $225 million. New covenants were also added to the Revolving Facility, including a requirement to make mandatory repayments of outstanding amounts under the Revolving Facility and the Term Loan Facility with the proceeds of any sale of all or any substantial part of the assets included in the Engineered Solutions segment and a requirement to maintain minimum liquidity (consisting of cash, cash equivalents and availability under the Revolving Facility) in excess of $25 million. The covenants were also modified to provide for the elimination of certain exceptions to the Company’s negative covenants limiting the Company’s ability to make certain investments, sell assets, make restricted payments, incur liens and incur debt; a restriction on the amount of cash and cash equivalents permitted to be held on the balance sheet at any one time without paying down the Revolving Facility; and changes to the Company’s financial covenants so that until the earlier of March 31, 2019 or the Company has $75 million in trailing twelve month EBITDA, the Company is required to maintain trailing twelve month EBITDA above certain minimums ranging from ($40 million) to $35 million after which the Company’s existing financial covenants under the Revolving Facility will apply. With this amendment, the Company has full access to the $225 million Revolving Facility, subject to the $25 million minimum liquidity requirement. As of March 31, 2016, the Company had $61.0 million of borrowings on the Revolving Facility plus $8.1 million of letters of credit drawn against the Revolving Facility for a total amount of $69.1 million drawn on the Revolving Facility. In addition to the revolving facility, the Company has $38 million outstanding on its Term Loan Facility. This amendment allows the Company to further explore strategic alternatives for our Engineered Solutions business segment including the complete sale or a portion thereof. As such, our Engineered Solutions business segment qualifies as available for sale as of the April 27, 2016. The carrying amount of the significant assets and liabilities of the Engineered Solutions business segment as of March 31, 2016 are approximately as follows:
|  | (Dollars in Millions)
Current assets |  | $ | 99 |
Long-term assets |  | 98 |
Current liabilities |  | (13 | )
Long-term liabilities |  | (1 | )
Net Assets |  | $ | 183 |

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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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