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Garrett Motion increases revolver by $95 million, now $569.75 million
By Mary-Katherine Stinson
Lexington, Ky., May 1 – Garrett Motion Inc. on April 27 entered a third amendment amend its credit agreement dated April 30, 2021, according to an 8-K filing with the Securities and Exchange Commission.
The amendment increased the revolving loan commitments available to Garret Motion Sarl by $95 million, bringing the total commitments to $569.75 million.
The incremental revolving commitment has the same terms and is subject to the same conditions as the existing revolving facility under the credit agreement, except for fees paid for the arrangement of the increased amount.
Revolving loans bear interest with a margin of 225 basis points to 275 bps. The commitment fee range is between 25 bps and 50 bps. The initial applicable margin is 275 bps and the starting commitment fee is 50 bps. The three-tier pricing grid is based on the company’s consolidated first-lien leverage ratio.
Previously reported, the company has also been in the market for a $700 million tranche B term loan. The term loan is being used to fund series A cumulative convertible preferred stock from Centerbridge and Oaktree.
JPMorgan Chase Bank, NA is the administrative agent for the credit agreement.
JPMorgan Chase Bank, NA, RBC Capital Markets, Deutsche Bank Securities Inc., Fifth Third Bank, NA, Keybanc Capital Markets Inc. and BNP Paribas Securities Corp. are the joint lead arrangers and joint bookrunners.
The syndication agents are BNP Paribas and UBS Switzerland AG.
BNP Paribas and UBS Switzerland are the documentation agents.
Garrett is a Rolle, Switzerland-based provider of passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions.
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