Garrett Motion Inc. Announces Proposed Private Offering of $500 Million of Senior Notes Due 2032
06 Mai 2024 - 1:50PM
Garrett Motion Inc. (Nasdaq: GTX) (the “Company”)
announced today that Garrett Motion Holdings Inc. and Garrett LX I
S.à r.l., its wholly owned subsidiaries, are planning, subject to
market and other customary conditions, to offer (the “Offering”)
$500 million aggregate principal amount of senior unsecured notes
due 2032 (the “notes”) in a private offering that is exempt from
the registration requirements of the Securities Act of 1933, as
amended (the “Securities Act”). 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.
The notes have not been and will not be
registered under the Securities Act or any state securities laws,
and may not be offered or sold in the United States or to U.S.
persons absent registration or an applicable exemption from such
registration requirements. Accordingly, the notes are being offered
and sold only to persons reasonably believed to be qualified
institutional buyers in reliance on Rule 144A under the Securities
Act and to certain non-U.S. persons in transactions outside the
United States in reliance on Regulation S under the Securities
Act.
This press release does not constitute an offer
to sell or the solicitation of an offer to buy, nor will there be
any sale of, the notes in any state or other jurisdiction in which
such offer, solicitation or sale would be unlawful prior to
registration or qualification under the securities laws of any such
state or other jurisdiction.
About Garrett Motion Inc.
Garrett Motion Inc. is a differentiated
technology leader, serving automotive customers worldwide for more
than 70 years. Known for its global leadership in turbocharging,
the company develops transformative technologies for vehicles to
become cleaner and more efficient. Its advanced technologies help
reduce emissions and reach zero emissions via passenger and
commercial vehicle applications – for on and off-highway use. Its
portfolio includes turbochargers, electric turbos (E-Turbo) and
electric compressors (E-Compressor) for both ICE and hybrid
powertrains. In the zero emissions vehicle category, it offers fuel
cell compressors for hydrogen fuel cell vehicles (FCEVs) as well as
electric propulsion and thermal management systems for battery
electric vehicles (BEVs). It boasts five R&D centers, 13
manufacturing sites and a team of 9,300 located in more than 20
countries. Its mission is to further advance motion through unique,
differentiated innovations.
Forward-Looking Statements
This release contains “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995. All statements, other than statements of fact,
that address activities, events or developments that we or our
management intend, expect, project, believe or anticipate will or
may occur in the future are forward-looking statements including,
without limitation, our statements regarding the proposed notes
offering. Although we believe forward-looking statements are based
upon reasonable assumptions, such statements involve known and
unknown risks, uncertainties, and other factors, which may cause
the actual results or performance of the Company to be materially
different from any future results or performance expressed or
implied by such forward-looking statements. Such risks and
uncertainties include, but are not limited to those described in
our annual report on Form 10-K for the year ended December 31,
2023, as well as our other filings with the Securities and Exchange
Commission, under the headings “Risk Factors” and “Cautionary Note
Regarding Forward-Looking Statements.” You are cautioned not to
place undue reliance on these forward-looking statements, which
speak only as of the date of this document. Forward-looking
statements are not guarantees of future performance, and actual
results, developments and business decisions may differ from those
envisaged by our forward-looking statements.
Contacts: |
|
|
MEDIA |
|
INVESTOR RELATIONS |
Maria Eugenia Santiago
Echandi |
|
Eric Birge |
1.734.386.6593 |
|
1.734.392.5504 |
Maria.SantiagoEchandi@garrettmotion.com |
|
Eric.Birge@garrettmotion.com |
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