Garrett to launch $1.25 billion U.S. and euro term loan on Tuesday

By Sara Rosenberg

New York, Feb. 22 – Garrett Motion Inc. will hold a lender call at noon ET on Tuesday to launch a $1.25 billion equivalent U.S. and euro term loan, according to a market source.

J.P. Morgan Securities LLC is the lead bank on the deal.

Price talk on the U.S. portion of the term loan is Libor plus 300 basis points to 325 bps with a 0.5% Libor floor and an original issue discount of 99.5, and talk on the euro portion of the term loan is Euribor plus 325 bps to 350 bps with a 0% floor and a discount of 99.5, the source said.

Proceeds will be used for exit financing.

Garrett Motion is a Rolle, Switzerland-based provider of passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions. The company filed for Chapter 11 bankruptcy on Sept. 20, 2020 under case number 20-12212.

© 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.