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GrafTech International said Tuesday that it has obtained a new five-year, $570 million revolving line of credit from a group of lenders including JPMorgan Chase, Bank of America and BNP Paribas.

It said the new facility is a $310 million increase over the prior agreement and extends the maturity by three years to October 2016 with improvements to rates, terms and conditions.

GrafTech, which produces graphite electrodes and other carbon-based products, said the new credit agreement "funds traditional working capital requirements and provides a stronger platform for growth, organically and through acquisitions."

The Parma, Ohio, company's previous revolver, which it obtained in April 2010, was set to mature in April 2013. The old facility paid an interest rate of Libor plus a margin ranging from 2.5% to 3.5%, depending on the company's total net leverage ratio and/or senior unsecured rating or, in the case of dollar denominated loans, the alternate base rate plus a margin ranging from 1.50% to 2.50%, according to a regulatory filing.

The previous revolver also contained covenants that required GrafTech to maintain a minimum interest coverage ratio of 1.75 to 1.00 and a maximum net senior secured leverage ratio of 2.25 to 1.00, subject to adjustment for certain events.

The old revolver also contained covenants that restricted certain corporate activities including annual capital expenditures, the payment of dividends and repurchases of our common stock. At June 30, 2011, the company was in compliance with all of the covenants, according to the regulatory filing.