Garrett Motion to convert all Series A Preferred into Common, repurchase $570M from Centerbridge and Oaktree

Garrett Motion Inc.

Convert all Series A Preferred to Common on/around July 3, 2023; eliminates 11% dividend, adds >$100M annual cash flow.
Repurchase ~$570M of Series A Preferred from Centerbridge and Oaktree at adjusted $8.10/share; each stake falls to 15%.
Board increases share repurchase authorization to $250 million.
Centerbridge and Oaktree reduce board nomination rights to one each; 50% lock-up for 6 months, rest for 12 months.
Transaction subject to ~$700M new term loan B debt financing, expected to close in Q2 2023.

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