Garrett Motion downsizes bonds to €350 million, shifts €100 million proceeds to bank loan

By Paul A. Harris

Portland, Ore., Sept. 20 – Garrett Motion Inc. downsized its offering of eight-year senior notes (B2/B) to €350 million from €450 million and shifted €100 million to its concurrent bank loan, according to a market source.

The Rule 144A and Regulation S deal is expected to price on Friday.

Goldman Sachs, JPMorgan, Citigroup and Deutsche Bank are the joint bookrunners.

The notes come with three years of call protection.

Proceeds will be used to help fund the spinoff of the company from Honeywell International Inc.

Garrett Motion is a Switzerland-based manufacturer of turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket.

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