Garrett Motion to redeem remaining series B preferred stock

By Wendy Van Sickle

Columbus, Ohio, June 22 – Garrett Motion Inc. will redeem all remaining shares of its series B preferred stock, of which an affiliate of Honeywell International Inc. is the only owner, according to a press release.

The $212 million preferreds will be redeemed on June 28.

Upon completion of its financial restructuring on April 30, 2021, Garrett paid Honeywell $375 million in cash and issued the Honeywell series B preferreds. Garrett redeemed $211 million of the preferreds in the fourth quarter of 2021 and $197 million during the first quarter of 2022.

Rolle, Switzerland-based Garrett Motion is a provider of passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.