Garrett Motion announces proposed private offering of $500M of senior notes

Garrett Motion announced today that Garrett Motion Holdings and Garrett LX are planning, subject to market and other customary conditions, to offer $500 million aggregate principal amount of senior unsecured notes due 2032 in a private offering that is exempt from the registration requirements of the Securities Act of 1933, as amended. The notes will be fully and unconditionally guaranteed by the Company and each of the Company’s wholly owned restricted subsidiaries that guarantees the Company’s senior secured credit facilities. The Company intends to use the proceeds of the Offering, together with cash on hand, to repay approximately $500 million of term loan indebtedness under the Company’s senior secured credit facilities, in accordance with the terms thereof, and to pay related fees and expenses.