GrafTech International (EAF) said Friday that its subsidiaries have begun separate offers to exchange any and all of GrafTech Finance's 4.625% senior secured notes due 2028, and GrafTech Global's 9.875% senior secured notes due 2028 for up to $500 million in new 4.625% second lien notes due 2029 and up to $450 million in new 9.875% second lien notes due 2029, respectively.