Garrett Motion Announces Term Loan and Revolving Credit Facility Refinancing and Extension

Core Viewpoint - Garrett Motion Inc. has successfully refinanced its existing debt, reducing interest expenses and extending the maturity profile of its loans, which reflects strong market demand and confidence in the company's financial health [1][2]. Financial Summary - The company refinanced a $692 million term loan and upsized its revolving credit facility from$600 million to $630 million [1]. - The new borrowings will bear interest at SOFR plus 225 basis points, a reduction of 50 basis points from previous rates [1]. - The new term loan will mature in 2032, extending the maturity by approximately four years, while the revolving credit facility will mature in 2030, extending by about two years [1]. Company Overview - Garrett Motion Inc. is a leader in differentiated automotive technology with a 70-year history in innovation across various sectors, including automotive and off-highway equipment [3]. - The company specializes in turbocharging technology, contributing to reduced engine size, fuel consumption, and CO2 emissions [3]. - Garrett is actively developing technology solutions for Zero Emission Vehicles, including fuel cell compressors and electric propulsion systems [3]. - The company operates five R&D centers and 13 manufacturing facilities, employing over 9,000 people in more than 20 countries [3].