BROOKLYN HEIGHTS, Ohio--(BUSINESS WIRE)--Aug. 8, 2018--
GrafTech International Ltd. (NYSE: EAF) (the “Company”) today announced
the pricing of a secondary offering of its common stock, which was
upsized from 20,000,000 shares to 23,000,000 shares. The shares have
been offered by the majority stockholder, an affiliate of Brookfield
Business Partners LP, a publicly listed business services and
industrials company of Brookfield Asset Management Inc., at a price to
the public of $20.00 per share. The offering is expected to close on
August 13, 2018, subject to customary closing conditions.
In connection with the offering, the selling stockholder has granted the
underwriters a 30 day option to purchase up to an additional 3,450,000
shares of common stock.
J.P. Morgan Securities LLC and Credit Suisse Securities (USA) LLC have
acted as joint lead book running managers and as representatives of the
underwriters for the offering; Citigroup Global Markets Inc., RBC
Capital Markets, LLC, HSBC Securities (USA) Inc. and BMO Capital Markets
Corp. have acted as joint book running managers for the offering. CIBC
Capital Markets, National Bank Financial Inc., Scotia Capital (USA) Inc.
and TD Securities (USA) LLC have acted as co-managers for the offering.
A registration statement relating to these securities was declared
effective as of August 8, 2018 by the Securities and Exchange
Commission. The offering is being made only by means of the written
prospectus forming part of the registration statement. When available,
copies of the final prospectus relating to the offering may be obtained
from: J.P. Morgan Securities LLC, Attention: J.P. Morgan Securities LLC,
c/o Broadridge Financial Solutions 1155 Long Island Avenue, Edgewood, NY
11717, or via telephone: 1-866-803-9204; or Credit Suisse Securities
(USA) LLC, Attention: Prospectus Department, One Madison Avenue, New
York, NY 10010, or by telephone at (800) 221-1037, or by email at email@example.com.
In addition, the Company has entered into a share repurchase agreement
with the selling stockholder pursuant to which it will repurchase
11,688,311 shares from Brookfield. The price per share to be paid by the
Company is equal to the price paid by the underwriters in the offering,
net of underwriting commissions and discounts. The Company expects to
fund the share repurchase from cash on hand. The share repurchase will
be consummated concurrently with the offering. Although the share
repurchase is conditioned upon, among other things, the closing of the
offering, the closing of the offering is not conditioned upon the
closing of the share repurchase.
This press release shall not constitute an offer to sell or the
solicitation of an offer to buy, nor shall there be any sale of these
securities in any state or jurisdiction in which such offer,
solicitation or sale would be unlawful prior to registration or
qualification under the securities laws of any such state or
GrafTech International Ltd. is a leading manufacturer of high
quality graphite electrode products essential to the production of
electric arc furnace (or EAF) steel and other ferrous and non-ferrous
Cautionary Statement Regarding Forward-Looking Statements
Statements in this press release regarding the Company that are not
historical facts are “forward-looking statements” that involve risks and
uncertainties. The Company undertakes no obligation to update the
information contained in this press release to reflect subsequently
occurring events or circumstances.
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Source: GrafTech International Ltd.
GrafTech International Ltd.
Meredith Bandy, 216-676-2000
President, Investor Relations and Corporate Communications