11:14 AM EST, 11/12/2024 (MT Newswires) -- GrafTech International ( EAF ) said Tuesday that it has entered into a commitment and consent letter with its lenders to provide additional liquidity and help the company manage near-term industrywide challenges.

The company said the lenders include those holding all its revolving credit and over 81% of its secured bonds.

The company said it plans to take several steps per the letter. These include incurring $175 million in new senior secured first lien term loans and securing commitments for an additional $100 million in delayed draw term loans, both of which will mature in five years.

The company also said it will enter into a new revolving credit facility, replacing its current credit arrangements with up to $225 million in new first lien revolving commitments and extending the maturity date from May 2027 to November 2028, subject to certain conditions.

After these steps are completed, GrafTech's ( EAF ) liquidity as of Sept. 30, would increase to $529 million from $254 million, the company added.

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