SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
Pursuant to Section 13 or 15(d)
of the Securities Exchange Act of 1934
Date of Report (Date
of earliest event reported):
(Exact name of Registrant as specified in its charter)
(State or other jurisdiction of incorporation)
|(Address of Principal Executive Offices)||(Zip Code)|
(Registrant’s telephone number, including area code)
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
|Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)|
|Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)|
|Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))|
|Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))|
Securities registered pursuant to Section 12(b) of the Act:
|Title of each class||
Name of each exchange
on which registered
Indicate by check mark whether the registrant is an emerging growth company as defined in Rule 405 of the Securities Act of 1933 (§230.405 of this chapter) or Rule 12b-2 of the Securities Exchange Act of 1934 (§240.12b-2 of this chapter).
an emerging growth company, indicate by check mark if the Registrant has elected not to use the extended transition period for complying
with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act. ☐
|Item 1.01||Entry into a Material Definitive Agreement.|
Incremental Revolving Loan Commitments
On January 11, 2022, Garrett Motion Inc. (the “Company”) entered into an Amendment No. 1 (the “First Amendment”) to that certain Credit Agreement, dated as of April 30, 2021, by and among the Company, Garrett LX I S.à r.l., Garrett Motion Holdings Inc., Garrett Motion Sàrl (the “Swiss Borrower”), the lenders and issuing banks party thereto and JPMorgan Chase Bank, N.A., as administrative agent (the “Credit Agreement”, and as amended by the First Amendment, the “Amended Credit Agreement”).
The First Amendment increases the amount of revolving loan commitments available to the Swiss Borrower under the Credit Agreement by $124,250,000 (the “Incremental Revolving Commitment”) to an aggregate amount of $424,250,000. The Incremental Revolving Commitment has the same terms and is subject to the same conditions applicable to revolving loans generally under the Credit Agreement, except for fees paid in connection with the arrangement of the increased amount.
The First Amendment also implements certain changes to benchmark and successor rates applicable to revolving loans under the Credit Agreement, including removal of rates by reference to London Interbank Offered Rate (LIBOR) and the Central Bank Rate and the addition of a rate based on the average bid reference rate administered by ASX Benchmarks Pty Limited and displayed on the applicable BBSY page of the Reuters screen and term or daily overnight secured overnight financing rate (SOFR) published by the Federal Reserve Bank of New York.
The above description of the terms of the First Amendment and the Amended Credit Agreement is qualified in its entirety by reference to the full text of the Amended Credit Agreement, a copy of which will be filed as an exhibit to the Company’s annual report on Form 10-K.
|Item 2.03||Creation of a Direct Financial Obligation or an Obligation under an Off-Balance Sheet Arrangement.|
The information in Item 1.01 is incorporated by reference into this Item 2.03.
Pursuant to the requirements of the Securities Exchange Act of 1934, as amended, the registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|Garrett Motion Inc.|
|Date: January 18, 2022||By:||/s/ Sean Deason|
|Title:||Senior Vice President and Chief Financial Officer|