<SEC-DOCUMENT>0001104659-18-008583.txt : 20180213
<SEC-HEADER>0001104659-18-008583.hdr.sgml : 20180213
<ACCEPTANCE-DATETIME>20180212175122
ACCESSION NUMBER:		0001104659-18-008583
CONFORMED SUBMISSION TYPE:	8-K
PUBLIC DOCUMENT COUNT:		1
CONFORMED PERIOD OF REPORT:	20180212
ITEM INFORMATION:		Entry into a Material Definitive Agreement
ITEM INFORMATION:		Termination of a Material Definitive Agreement
ITEM INFORMATION:		Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement of a Registrant
FILED AS OF DATE:		20180213
DATE AS OF CHANGE:		20180212

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:		8-K
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	001-13888
		FILM NUMBER:		18598261

	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
</SEC-HEADER>
<DOCUMENT>
<TYPE>8-K
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<FILENAME>a17-28513_108k.htm
<DESCRIPTION>8-K
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">UNITED STATES</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">SECURITIES AND EXCHANGE COMMISSION</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">WASHINGTON, D.C.&#160; 20549</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">FORM&nbsp;8-K</font></b></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">CURRENT REPORT</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="3" face="Times New Roman" style="font-size:12.0pt;font-weight:bold;">Pursuant to Section&nbsp;13 or 15(d)&nbsp;of the Securities Exchange Act of 1934</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date of Report (Date of Earliest Event Reported):<b>&#160; February&nbsp;12, 2018</b></font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="5" face="Times New Roman" style="font-size:18.0pt;font-weight:bold;">GRAFTECH INTERNATIONAL LTD.</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Exact Name of Registrant as Specified in Charter)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">27-2496053</font></b></p>    </td>   </tr>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(State or Other   Jurisdiction of<br>   Incorporation)</font></p>    </td>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(IRS Employer   Identification No.)</font></p>    </td>   </tr>  </table>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">982 Keynote Circle</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Brooklyn Heights, OH 44131</font></b></p>
<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">(Address of Principal Executive Offices)&#160; (Zip Code)</font></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">(216) 676-2000</font></b></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .35in;text-indent:-.35in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160;&#160; Written communications pursuant to Rule&nbsp;425 under the Securities Act (17 CFR 230.425)</p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .35in;text-indent:-.35in;"><font size="2" face="Wingdings" style="font-size:10.0pt;">o</font>&#160;&#160;&#160;&#160;&#160;&#160; Pre-commencement communications pursuant to Rule&nbsp;13e-4(c)&nbsp;under the Exchange Act (17 CFR 240.13e-4(c))</p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Indicate by check mark whether the registrant is an emerging growth company as defined in Rule&nbsp;405 of the Securities Act of 1933 (17 CFR 230.405) or Rule&nbsp;12b-2 of the Securities Exchange Act of 1934 (17 CFR 240.12b-2).</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Emerging growth company </font><font face="Wingdings">x</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section&nbsp;13(a)&nbsp;of the Exchange Act. </font><font face="Wingdings">x</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 1.01</font></b>&#160;&#160;&#160;&#160;&#160; <b>Entry into a Material Definitive Agreement.</b></p>
<p align="right" style="margin:0in 0in .0001pt;text-align:right;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;12, 2018, GrafTech International Ltd (&#147;Holdings&#148;) entered into a credit agreement (the &#147;Credit Agreement&#148;) among Holdings, GrafTech Finance Inc., a Delaware corporation and a wholly owned subsidiary of Holdings (&#147;Finance&#148;), GrafTech Switzerland SA, a Swiss corporation and a wholly owned subsidiary of Holdings (&#147;Swissco&#148;), GrafTech Luxembourg II S.&#224;.r.l., a Luxembourg <i>soci&#233;t&#233; &#224; responsabilit&#233; limit&#233;e</i> and a wholly owned subsidiary of Holdings (&#147;Luxembourg Holdco&#148; and, together with Finance and Swissco, the &#147;Co-Borrowers&#148;), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A. as administrative agent and as collateral agent which provides for (i)&nbsp;a $1,500 million senior secured term facility (the &#147;Term Loan Facility&#148;) and (ii)&nbsp;a $250 million senior secured revolving credit facility (the &#147;Revolving Credit Facility&#148; and, together with the Term Loan Facility, the &#147;Senior Secured Credit Facilities&#148;), which may be used for revolving credit borrowings in dollars or Euros, the issuance of one or more letters of credit from time to time and one or more swing line loans from time to time. Finance is the sole borrower under the Term Loan Facility while Finance, Swissco and Lux Holdco are Co-Borrowers under the Revolving Credit Facility. On February&nbsp;12, 2018, Finance borrowed $1,500 million under the Term Loan Facility (the &#147;Term Loans&#148;). The Term Loans mature on February&nbsp;12, 2025. The maturity date for the Revolving Credit Facility is February&nbsp;12, 2023.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The proceeds of the Term Loans were used to (i)&nbsp;repay in full all outstanding indebtedness of the Borrowers under&#160; the Second Amended and Restated Credit Agreement dated as of February&nbsp;27, 2015 (the &#147;Existing Credit Agreement&#148;), among Holdings, Finance, GrafTech Luxembourg I S.&#192;.R.L., Luxembourg Holdco, Swissco, the LC subsidiaries from time to time party thereto, the lenders from time to time party thereto and JPMorgan Chase Bank, N.A., as administrative agent and collateral agent, as an issuing bank and as a swingline lender, and terminate all commitments thereunder, (ii)&nbsp;redeem in full Holdings&#146; outstanding 6.375% senior notes due 2020 (the &#147;Notes&#148;), issued by Holdings pursuant to the indenture dated as of November&nbsp;20, 2012 (the &#147;Indenture&#148;), among Holdings, the subsidiary guarantors from time to time party thereto and U.S. Bank National Association, as trustee, at a redemption price of 101.594% of the principal amount thereof plus accrued and unpaid interest to the date of redemption, (iii)&nbsp;pay fees and expenses incurred in connection with (i)&nbsp;and (ii)&nbsp;above and the Senior Secured Credit Facilities and related expenses, and (iv)&nbsp;pay a dividend, with any remainder to be used for general corporate purposes.&#160; In connection with the repayment of the Existing Credit Agreement and redemption of the Notes, all guarantees of obligations under the Existing Credit Agreement, the Indenture and the Notes were terminated, all mortgages and other security interests securing obligations under the Existing Credit Agreement were released and the Existing Credit Agreement and the Indenture were terminated.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrowings under the Term Loan Facility bear interest, at the Borrower&#146;s option, at a rate equal to either (i)&nbsp;the Adjusted LIBO Rate (as defined in the Credit Agreement), plus an applicable margin initially equal to 3.50%&nbsp;per annum or (ii)&nbsp;the ABR Rate (as defined in the Credit Agreement), plus an applicable margin initially equal to 2.50%&nbsp;per annum, in each case with a step down based on achievement of certain public ratings of the Term Loans.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Borrowings under the Revolving Credit Facility bear interest, at the Borrower&#146;s option, at a rate equal to either (i)&nbsp;the Adjusted LIBO Rate, plus an applicable margin initially equal to 3.75%&nbsp;per annum or (ii)&nbsp;the ABR Rate, plus an applicable margin initially equal to 2.75%&nbsp;per annum, in each case with step downs based on achievement of certain senior secured first lien net leverage ratios.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">All obligations under the Credit Agreement are secured, subject to certain exceptions and Excluded Assets (as defined in the Credit Agreement), by: (i)&nbsp;a pledge of all of the equity securities of Finance and each domestic Guarantor (other than Holdings) and of each other direct, wholly owned domestic subsidiary of Holdings and any Guarantor, (ii)&nbsp;a pledge on no more than 65% of the equity interests of each subsidiary that is a Controlled Foreign Corporation (within the meaning of Section&nbsp;956 of the Internal Revenue Code of 1986, as amended from time to time), and (iii)&nbsp;security interests in, and mortgages on, personal property and material real property of Finance and each domestic Guarantor, subject to permitted liens. The obligations of each foreign subsidiary of Holdings that is a Controlled Foreign Corporation under the Revolving Credit Facility will be secured by (i)&nbsp;a pledge of all of the equity securities of each Guarantor that is a Controlled Foreign Corporation and of each direct, wholly owned subsidiary of any Guarantor that is a Controlled Foreign Corporation, and (ii)&nbsp; security interests in certain receivables and personal property of each Guarantor that is a Controlled Foreign Corporation, subject to permitted liens.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">2<a name="PB_2_034458_4262"></a></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Repayments made under the Term Loans are equal to 5% per annum of the original principal amount in equal quarterly installments for the life of the Term Loans, with the remainder due at maturity. The Co-Borrowers are permitted to make voluntary prepayments at any time without premium or penalty, except in the case of prepayments made in connection with certain repricing transactions with respect to the Term Loans effected within twelve months of the closing date of the Credit Agreement, to which a 1.00% prepayment premium applies. Finance is required to make prepayments under the Term Loans (without payment of a premium) with (i)&nbsp; net cash proceeds from non-ordinary course asset sales (subject to reinvestment rights and other exceptions and exclusions), and (ii)&nbsp;commencing with the Company&#146;s fiscal year ending December&nbsp;31, 2019, 75% of Excess Cash Flow (as defined in the Credit Agreement), subject to step-downs to 50% and 0% of Excess Cash Flow based on achievement of a senior secured first lien net leverage ratio greater than 1.25 to 1.00 but less or equal or 1.75 to 1.00 and less than or equal to 1.25 to 1.00, respectively.&#160; Scheduled quarterly repayments of the Term Loans reduce Excess Cash Flow prepayments and Excess Cash Flow prepayments reduce subsequent scheduled quarterly repayments.</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">&nbsp;</font></p>
<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants applicable to Holdings and the Co-Borrowers&#146; and Holdings&#146; subsidiaries, including, among other things, restrictions on indebtedness, liens, investments, fundamental changes, dispositions, and dividends and other distributions. The Credit Agreement contains a financial covenant that requires Holdings to maintain a maximum senior secured first lien net leverage ratio of 4.00:1.00 when the aggregate principal amount of borrowings under the Revolving Credit Facility and outstanding letters of credit (except for undrawn letters of credit equal to or less than $35 million), taken together, exceed 35% of the total amount of commitments under the Revolving Credit Facility. The Credit Agreement also contains customary events of default.</font></p>
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<p style="margin:0in 0in .0001pt;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item&nbsp;1.02 &#151; Termination of a Material Definitive Agreement.</font></b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">On February&nbsp;12, 2018, Holdings terminated the Existing Credit Agreement and all commitments thereunder and the Notes were redeemed and discharged in full. The information set forth under Item 1.01 above is incorporated by reference into this Item 1.02.</font></p>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt .75in;text-indent:-.75in;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">Item 2.03</font></b><font size="1" style="font-size:3.0pt;">&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160;&#160; </font><b>Creation of a Direct Financial Obligation or an Obligation Under an Off-Balance Sheet Arrangement of a Registrant.</b></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">The information set forth under Item 1.01 above regarding the Credit Agreement is incorporated herein by reference.</font></p>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">3<a name="PB_3_034522_7056"></a></p>
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<p align="center" style="margin:0in 0in .0001pt;text-align:center;"><b><font size="2" face="Times New Roman" style="font-size:10.0pt;font-weight:bold;">SIGNATURE</font></b></p>
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<p style="margin:0in 0in .0001pt;text-indent:.5in;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Pursuant to the requirements of the Securities Exchange Act of 1934, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.</font></p>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">GRAFTECH INTERNATIONAL LTD.</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Date:</font></p>    </td>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">February&nbsp;12, 2018</font></p>    </td>
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<p style="font-size:10.0pt;margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">/s/<b>  </b></font>Quinn J. Coburn</p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><font size="2" face="Times New Roman" style="font-size:10.0pt;">Quinn J. Coburn</font></p>    </td>   </tr>
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<p style="margin:0in 0in .0001pt;"><i><font size="2" face="Times New Roman" style="font-size:10.0pt;font-style:italic;">Vice President and Chief Financial Officer</font></i></p>    </td>   </tr>
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<p align="center" style="font-size:10.0pt;margin:0in 0in .0001pt;text-align:center;">4<a name="PB_4_034621_5335"></a></p>
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