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 liquidity as of Sept. 30, would increase to $529 million from $254 million, the company added.

Price: 2.12, Change: +0.05, Percent Change: +2.17