Garrett Motion draws remaining $470 million under revolving loan

By Sarah Lizee

Olympia, Wash., April 7 – Garrett Motion Inc. fully drew the $470 million of remaining funds available under its revolving credit facility to increase its financial flexibility in the current environment, according to a press release.

With the additional funds, Garrett has supplemented its cash position, which totaled about $250 million as of March 31, including a drawdown on the revolver of $66 million in the first quarter.

As a result, total liquidity available at the start of the second quarter is about $655 million.

The company said it has no significant debt maturities before September 2023.

Garrett is a Rolle, Switzerland-based manufacturer of turbocharger and electric-boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket.

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