By Paul A. Harris
Portland, Ore., Sept. 21 – Garrett Motion Inc. priced a downsized €350 million issue of eight-year senior notes (B2/B) at par to yield 5 1/8% on Friday, according to market sources.
The issue size decreased from €450 million, with €100 million of proceeds shifted to the concurrent bank loan.
Goldman Sachs, JPMorgan, Citigroup and Deutsche Bank managed the notes sale.
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.
| Issuer: | Garrett LX I Sarl
|
| Amount: | €350 million, decreased from €450 million
|
| Maturity: | Oct. 15, 2026
|
| Securities: | Senior notes
|
| Managers: | Goldman Sachs, JPMorgan, Citigroup, Deutsche Bank
|
| Coupon: | 5 1/8%
|
| Price: | Par
|
| Yield: | 5 1/8%
|
| Spread: | 490 bps
|
| First call: | Oct. 15, 2021 at 103.844
|
| Trade date: | Sept. 21
|
| Settlement date: | Sept. 27
|
| Ratings: | Moody's: B2
|
| S&P: B
|
| Distribution: | Rule 144A and Regulation S
|
| Price talk: | 5¼% area
|
| Marketing: | Roadshow
|
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