Commentary & Deal Flow

Garrett Motion Holdings Inc/Garrett LX I Sarl (GTX) $800m (up from $500m) 144A/Reg S sr notes due 05/31/32 (8y). NC3 (MWC T+50bp), then at 103.875, 101.938, 100. Equity claw: 3y 40% at 107.75. B1/B/BB- (stable/stable/stable). Via GS/JPM/MS/BNP/RBC/DB/FITB jt books, UBS, UniCredit, Key as co-managers. No reg rights. Settles 05/21/ (T+10). 144A CUSIP: 366504AA6. IPT: 8.00%-8.25%. Px talk: 7.75%-8.00%. Px talk: 7.75%-8.00%. $300m upsize to repay additional EUR term loan. Launched: $800m at 7.75%.

Priced: 7.75% at 100. +329bp vs 2.875% 05/15/32.

Did investor call at 11am yesterday. Books closed at 12:45pm today. UOP: along with $8m cash on hand, to repay $300m (up from $100m) of the $485m equivalent EUR term loan and all $400m of the US$ incremental 1st lien term loan. Biz: auto parts supplier. HQ: Rolle, Switzerland.