HON - Garrett Motion to redeem remaining $212M of series B preferred stock

Garrett Motion (NASDAQ:GTX) said Wednesday it will redeem remaining $212M of series B preferred stock on Jun. 28. GTX had paid Honeywell (HON) $375M in cash and issued the firm series B preferred stock on completion of its financial restructuring on Apr. 30, 2021. GTX redeemed $211M of the preferred stock in Q4 2021 and $197M during Q1 2022. After the early redemption on Jun. 28, there will not any series B stock outstanding. "Solid demand across GTX's portfolio coupled with strong operational agility continued to generate robust cash flow and will enable us to reach a significant deleveraging milestone, even in a volatile environment," said GTX CEO Olivier Rabiller.

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Garrett Motion to redeem remaining $212M of series B preferred stock