Business
Garrett Motion To Achieve Milestone by Early Redemption of All Remaining Series B Preferred Stock
The $212 million outstanding Series B will be repaid with cash on hand ROLLE, Switzerland, June 22, 2022 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX,
About this update from Garrett Motion Inc.
[{"type":"text","content":"The $212 million outstanding Series B will be repaid with cash on hand\nROLLE, Switzerland, June 22, 2022 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX, GTXAP), a leading, differentiated technology provider for the automotive industry, today announced it will redeem all remaining Series B preferred stock on June 28, 2022. “Solid demand across Garrett’s portfolio of products coupled with strong operational agility has continued to generate robust cash flow and will enable us to reach a significant deleveraging milestone, even in a volatile environment,” said Olivier Rabiller, Garrett President and Chief Executive Officer. “Even as we’ve materially reduced leverage, Garrett continues to invest heavily in R&D and other growth initiatives as we pursue our strategic initiatives in the evolving powertrain industry.” “Honeywell is pleased that Garrett is in a position to redeem Honeywell’s Series B preferred shares earlier than anticipated. We wish Garrett continued success,” said Darius Adamczyk, Honeywell Chairman and Chief Executive Officer. Upon completion of its financial restructuring on April 30, 2021, Garrett paid Honeywell $375 million in cash and issued the Honeywell Series B preferred stock. Garrett redeemed $211 million of Series B stock in the fourth quarter of 2021 and $197 million during the first quarter of 2022. After the $212 million early redemption to occur on June 28, there will no longer be any Series B stock outstanding. About Garrett Motion Inc. Garrett Motion is a differentiated technology leader, serving customers worldwide for more than 65 years with passenger vehicle, commercial vehicle, aftermarket replacement and performance enhancement solutions. Garrett’s cutting-edge technology enables vehicles to become safer, more connected, efficient and environmentally friendly. Our portfolio of turbocharging, electric boosting and automotive software solutions empowers the transportation industry to redefine and further advance motion. For more information, please visit www.garrettmotion.com. Forward-Looking Statements This press release contains “forward-looking statements” within the meaning of Section 21E of the Securities Exchange Act of 1934, as amended. All statements, other than statements of fact, that address activities, events or developments that we or our management intend, expect, project, belie...