PLYMOUTH, Mich. and ROLLE, Switzerland, May 18, 2026 (GLOBE NEWSWIRE) -- Garrett Motion Inc. (Nasdaq: GTX) ("Garrett" or the "Company"), a global leader in differentiated turbocharging and electrification technologies for mobility and industrial applications, today announced the successful repricing and a $50M early repayment of its existing $635M term loan due in 2032.
Borrowings under the facility will bear interest at the Secured Overnight Financing Rate ("SOFR") plus 175 basis points per annum, which represents a 25-basis point reduction from the existing facility.
"We are pleased to have completed the repricing of our term loan, reflecting the strength of our financial profile and lender confidence in our long-term strategy," said Olivier Rabiller, President and CEO of Garrett. "The repricing will further reduce interest expense and strengthen liquidity."
About Garrett Motion Inc.
A differentiated technology leader, Garrett Motion has a 70-year history of innovation in the automotive sector (cars, trucks) and beyond (off-highway equipment, marine, power generators). Its well-recognized expertise in turbocharging has enabled significant reductions in engine size, fuel consumption, and CO2 emissions. Garrett is committed to advancing turbo applications while leveraging its unique technology solutions, such as fuel cell compressors for hydrogen fuel cell vehicles, as well as electric propulsion and thermal management systems for automotive and industrial applications. Garrett has six R&D centers, 13 manufacturing facilities, and a team of more than 8,700 employees in more than 20 countries. For more information, please visit www.garrettmotion.com.
Forward-Looking Statements
This communication and related comments by management may include "forward-looking statements" within the meaning of the U.S. federal securities laws. Forward-looking statements are any statements other than statements of historical fact and can be identified by words such as "anticipate," "intend," "plan," "goal," "seek," "believe," "project," "estimate," "expect," "strategy," "future," "likely," "may," "should," "will," and similar expressions. Forward-looking statements represent our current judgment about possible future activities, events, or developments that we expect may occur in the future. In making these statements, we rely upon assumptions and analysis based on our experience and perception of historical trends, current conditions, and expected future developments, as well as other factors we consider appropriate under the circumstances. We believe these judgments are reasonable, but these statements are not guarantees of any future performance, events, or results, and actual performance, events, or results may differ materially from those envisaged by our forward-looking statements due to a variety of important factors, many of which are described in our most recent Annual Report on Form 10-K and our other filings with the U.S. Securities and Exchange Commission (the "SEC"), including risks related to the automotive industry, the competitive landscape and our ability to compete, and macroeconomic and geopolitical conditions, among others. You are cautioned not to place undue reliance on forward-looking statements, which speak only as of the date they are made, and we undertake no obligation to update publicly or otherwise revise any forward-looking statements, whether as a result of new information, future events, or other factors that affect the subject of these statements, except where we are expressly required to do so by law.
Contacts:
INVESTOR RELATIONS MEDIA ----------------------------------- -------------------------------- Cyril Grandjean Fabrice Spenninck +1 734 392 55 04 investorrelations@garrettmotion.com MediaRelations@garrettmotion.com
(END) Dow Jones Newswires
May 18, 2026 08:00 ET (12:00 GMT)