secwatch.observer — SEC 8-K summary
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Issuer:     Garrett Motion Inc. (GTX)
CIK:        0001735707
Form:       8-K
Filed at:   2023-05-01T23:59:59+00:00
Accession:  0000950142-23-001256
Event type: debt
Sentiment:  neutral
Materiality: 0.75
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

Garrett Motion secures $700M term loan to fund preferred stock repurchase and conversion
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- New $700M Tranche B term loan, drawn on closing, matures April 30, 2028; quarterly amortization 7.5% first two years then 10%.
- Revolving credit facility increased by $95M to $569.75M; maturity extended to April 30, 2028.
- Proceeds used to repurchase ~$570M of Series A Convertible Preferred Stock and fund conversion to common stock.
- Interest on term loan at SOFR+4.50% or base+3.50%; LIBOR replaced with SOFR for existing dollar loans.
- Conditions include filing amended certificate of designations for Series A preferred and other customary conditions.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1735707/000095014223001256/0000950142-23-001256-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1735707/000095014223001256/eh230354121_8k.htm
  HTML page:      https://secwatch.observer/filing/0000950142-23-001256

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