Garrett amends credit facility, ups revolver by $124.25 million

By William Gullotti

Buffalo, N.Y., Jan. 18 – Garrett Motion Inc. entered into the first amendment to its April 30, 2021 credit facility with JPMorgan Chase Bank, NA as administrative agent, according to a form 8-K filed with the Securities and Exchange Commission.

Garrett Motion, along with subsidiaries Garrett Motion Sarl, Garrett LX I Sarl and Garrett Motion Holdings, Inc., finalized and signed the amendment Jan. 11.

The amendment upped the revolver by $124.25 million to $424.25 million. Borrowings under the upsized revolver will be subject to the same terms and conditions as those under the original revolver, except for fees paid in connection with the arrangement of the increase.

The amendment also implements changes to benchmark and successor rates, including removal of rates referencing Libor and Central Bank Rate and the addition of SOFR and a rate based on the average bid reference rate administered by ASX Benchmarks Pty Ltd.

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.

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