secwatch.observer — SEC 8-K summary
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Issuer:     PHINIA INC. (PHIN)
CIK:        0001968915
Form:       8-K
Filed at:   2023-07-07T23:59:59+00:00
Accession:  0001104659-23-079187
Event type: other_material
Sentiment:  neutral
Materiality: 0.85
Item codes: 1.01, 2.03, 5.01, 5.02, 9.01
LLM model:  deepseek-v4-flash:cloud@v2

PHINIA completes spin-off from BorgWarner; secures $1.225B in credit facilities
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- Distribution of 100% PHINIA common stock to BorgWarner shareholders on July 3, 2023; one share for every five BorgWarner shares held.
- Entered into $1.225B Credit Agreement: $500M revolver, $300M Term Loan A, $425M Term Loan B; $800M drawn at close.
- Covenants: net leverage ≤ 3.00x (or 3.50x election), interest coverage ≥ 3.00x; maturity July 3, 2028.
- Target cash balance at spin-off approx. $300M; transition services from BorgWarner for up to 12 months.
- Tax Matters Agreement restricts certain transactions for two years; employee salary/benefits protected for 12 months.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1968915/000110465923079187/0001104659-23-079187-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1968915/000110465923079187/tm2320424d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-23-079187

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