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February 27, 2014
07:32 EDTGTIGrafTech reports Q4 adjusted EPS (3c), consensus 3c
Reports Q4 revenue $309M, consensus $324.67M.
News For GTI From The Last 14 Days
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May 4, 2015
17:08 EDTGTIGrafTech, Brookfield Asset Management in investment agreement
GrafTech International (GTI) announced it has entered into an investment agreement with an affiliate of Brookfield Asset Management (BAM) under which Brookfield will acquire $150M of 7% convertible preferred shares of GrafTech in a private offering. The investment agreement follows the letter of intent announced by GrafTech on April 29, 2015. The convertible preferred share issuance, which was unanimously approved by GrafTech’s Board of Directors, is expected to close once customary closing conditions, including applicable regulatory approvals, are satisfied. Under the terms of the investment agreement, upon issuance, the convertible preferred shares will be issued in two series, Series A shares and Series B shares. The series A shares will be immediately convertible into GrafTech common shares equal to approximately 19.9% of the currently outstanding shares of GrafTech common stock, at a conversion price of $5.00 per common share, subject to customary anti-dilution adjustments. The series B shares will become convertible into common shares equal to approximately 2% of the currently outstanding shares only upon approval by GrafTech stockholders in accordance with New York Stock Exchange requirements. If approved, the two series will be combined into one series. Both series of convertible preferred shares are entitled to dividends at a 7% annual rate. Dividends will be cumulative and will accrue until paid. The proceeds from the sale of the convertible preferred stock, together with other cash and credit resources of the Company, will be used to repay the Company’s senior subordinated notes due to mature in November 2015. Pursuant to the investment agreement, Brookfield will designate two directors to be appointed to the Company’s Board. With the addition of these directors, the GrafTech Board will be expanded from seven to nine. Additional details regarding the private offering are available in the Company’s filings with the Securities and Exchange Commission.
May 1, 2015
10:00 EDTGTIOn The Fly: Analyst Downgrade Summary
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05:56 EDTGTIGrafTech downgraded to Hold from Buy at Jefferies
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April 29, 2015
18:57 EDTGTIGrafTech appoints Quinn Coburn as interim CFO
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18:56 EDTGTIGrafTech CEO sees challeing environment for rest of 2015
GrafTech CEO Joel Hawthorne commented, "As we moved through Q1, graphite electrode demand continued to soften as global electric arc furnace steel production weakened. Lower end-market demand in certain steel consuming sectors, continued high Chinese steel exports and other market dynamics led to lower EAF customer utilization rates, particularly in North America. These factors are expected to create a challenging operating environment for our company and the industry as a whole for the remainder of 2015."
18:55 EDTGTIGrafTech reports Q1 adjusted EPS (10c), consensus (5c)
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