other material
confidence high
sentiment positive
materiality 0.70
Garrett Motion converts Series A Preferred Stock to common, simplifies capital structure
Garrett Motion Inc.
- Series A Preferred Stock converted to Common Stock effective June 12, 2023 after market close.
- Each preferred share converts to one common share; total common shares outstanding ~266 million.
- Elimination of 11% preferred dividend partially offset by $700M new debt from prior transactions.
- Accrued dividends paid: $0.144375 cash plus 0.104379 common shares per preferred share.
- Share repurchase authorization increased to $250 million.