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Garrett Motion Closes Upsized $800 Million Notes Offering and Credit Agreement Amendments
- Client News
- May 22, 2024
Paul, Weiss advised Garrett Motion Inc., a leading differentiated automotive technology provider, in the $800 million private offering of 7.750% senior unsecured notes due 2032 by two of its wholly owned subsidiaries, which is guaranteed by more than 20 of the company’s subsidiaries in 12 countries. The offering was upsized from the previously announced $500 million. The company intends to use the proceeds of the offering to repay an equivalent amount of its existing senior secured indebtedness. Simultaneously, the company completed two amendments to its credit facilities to reprice its existing USD-denominated term loan facility and upsize its revolver capacity by $30 million.
The offering was led by Goldman Sachs & Co. LLC, J.P. Morgan, Morgan Stanley, BNP PARIBAS, RBC Capital Markets, Deutsche Bank Securities and Fifth Third Securities.
The Paul, Weiss team included corporate partners John Kennedy, Christodoulos Kaoutzanis and Brian Kim and counsel Marc Shepsman; tax partner Robert Holo; intellectual property partner Jonathan Ashtor; executive compensation counsel Jake Glazeski; environmental counsel William O’Brien; litigation counsel Steven Herzog; and international trade counsel Richard Elliott.