Garrett Motion announces term loan, revolving credit facility refinancing

Garrett Motion (GTX) has refinanced its existing $692M term loan, and refinanced and upsized its existing $600M revolving credit facility to $630M. Borrowings under each of the new facilities will initially bear interest at the Secured Overnight Financing Rate plus 225 basis points per annum, which represents a 50-basis point reduction from the existing facilities. The new term loan will mature in 2032, effectively extending the maturity of the Company’s existing term loan by approximately four years, and the new revolving credit facility will mature in 2030, effectively extending the maturity date of the Company’s existing revolving credit facility by approximately two years.