GrafTech calls its $225 million 1.625% convertibles

By Susanna Moon

Chicago, May 30 - GrafTech International Ltd. said it would redeem on June 19 all of its $225 million principal amount of 1.625% convertible senior debentures due 2024.

The company said it would pay par plus accrued interest to the redemption date.

GrafTech said it could redeem the convertibles because the company's stock (NYSE: GTI) exceeded $20.725, or 125% of the $16.58 conversion price, for the 20 trading days from May 1 through May 29. The company's stock closed at $26.02 on May 29.

Holders may convert their bonds into 60.3136 GrafTech shares, or at a conversion price of $16.58 per share, until the close of business on June 17.

"The redemption of the convertible debentures is consistent with our stated goal of delevering the company in order to enable increased financial flexibility for further growth," Craig Shular, chief executive officer of GrafTech, said in a written statement.

GrafTech is a Wilmington, Del.-based graphite and carbon producer.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.