Garrett Motion launches secondary offering of 17M shares and concurrent $25M buyback

Garrett Motion Inc.

Secondary offering of 17,000,000 shares by Oaktree, Centerbridge and Cyrus Capital affiliates.
Underwriters have 30-day option to purchase up to an additional 2,550,000 shares from selling stockholders.
Garrett will repurchase ~2 million shares (max $25M) from underwriters as part of existing $250M buyback program.
Goldman Sachs and J.P. Morgan are lead bookrunners; Deutsche Bank, Wells Fargo, BNP Paribas, BofA, RBC, Stifel are joint bookrunners.

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