GTX - Garrett Motion Inc. Announces Proposed Private Offering of $500 Million of Senior Notes Due 2032 | Benzinga
ROLLE, Switzerland, May 06, 2024 (GLOBE NEWSWIRE) -- 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 ...