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GrafTech International (NYSE:EAF) is exploring options for raising new money, reaching out to opportunistic funds about providing fresh financing, Bloomberg reported Friday.
Options for consideration by the manufacturer of graphite electrodes used in steel production include the transfer of assets to a different subsidiary and borrowing against them, according to the report.
GrafTech (EAF) has ~$950M in secured bonds due 2028, according to data compiled by Bloomberg, adding its 9.875% notes changed hands for ~$0.78 this week to yield nearly 17%.
GraftTech’s (EAF) operations burned cash in Q1 2024, adding to a net loss of $30.9M for the period; the stock has dropped 28% in the past month and more than 50% YTD.