GrafTech slides as top investor Brookfield trims stake

Brookfield Business Partners LP

15/12/2020 13:24

** Shares of graphite electrodes maker GrafTech
International  EAF.N  down 5.6% at $9.11 premarket on secondary
offering
    ** EAF announced late Mon 8.5 mln shares sold by Brookfield
Asset Management  BAMa.TO  consortium  urn:newsml:reuters.com:*:nBw61Lptra
    ** Sources say sole bookrunner Morgan Stanley re-offered the
shares at $9.05, 6.2% discount to EAF's last close
    ** Prior to sale, Brookfield owned ~157 mln shares for
roughly 60% stake
    ** About a month ago, Brookfield offloaded 8.25 mln shares
directly to an institutional investor at $7.05 offer
price urn:newsml:reuters.com:*:nFWN2HW0R9
    ** EAF shares are down ~17% in 2020. Stock hit record
intra-day low $5.56 in May, hurt by COVID-19 pandemic's impact
on sales and lower steel production levels by its customers

 (Lance Tupper is a Reuters market analyst. The views expressed
are his own.)
 ((lance.tupper.tr.com@reuters.net
lance.tupper@tr.com))