Garrett Motion Announces 17M Share Secondary Offering By Oaktree, Centerbridge, And Cyrus Capital And $25M Concurrent Share Repurchase Under Existing Buyback Program

Author: Benzinga Newsdesk | May 20, 2025 05:04pm

Garrett Motion Inc. (NASDAQ:GTX) ("Garrett" or the "Company"), a leading differentiated automotive technology provider, today announced a proposed secondary public offering of 17,000,000 shares of the Company's common stock held by certain entities managed by affiliates of Oaktree Capital Management, L.P., Centerbridge Partners, L.P. and Cyrus Capital Partners, L.P. (collectively, the "Selling Stockholders"). The underwriters will have a 30-day option to purchase at their own election up to an additional 2,550,000 shares of common stock from the Selling Stockholders. The Selling Stockholders will receive all of the net proceeds from the proposed offering. The Company is not selling any shares and will not receive any proceeds from the proposed offering.

Garrett has authorized the concurrent purchase from the underwriters of approximately 2 million shares of common stock as part of the secondary public offering (the "Repurchase"), subject to the completion of the offering, subject to a maximum aggregate repurchase amount of $25 million. The Repurchase is part of the Company's existing $250 million share repurchase program. The underwriters will not receive any compensation for the shares being repurchased by the Company pursuant to the Repurchase.

Posted In: GTX