Jpmorgan Credit Agreement

Applying for a new credit card? Learn more about the app Please see the offer price and packaging document for information on interest rates, fees and applicable fees. With respect to Garrett, which complied with this agreement with its lenders, Honeywell withdrew its previously issued insolvency statement. Garrett believes Honeywell`s complaint was of no value and was an inappropriate attempt to disrupt Garrett`s contractual agreements with its lenders and delay Garrett`s ongoing trial against Honeywell over subordinated asbestos compensation imposed on Garrett as part of the 2018 outsourcing. USA Technologies Inc., a cashless payment and software company that provides end-to-end technology solutions for the self-service retail market, has entered into a credit agreement with JPMorgan Chase Bank, N.A., which includes a $5 million secured revolving credit facility and a $15 million secure maturity facility , as indicated in a press release. Garrett`s credit contract consists of a (i) priority (i) guaranteed loan (b at initial maturity), consisting of a EUR 375 million tranche of EUR 375 million and a US dollar-denominated tranche. For $425 million, (ii) senior, n. Lien secured a total loan of 330 million euros ($371.34 million) and (iii) senior, with a total amount of 430 million euros (483.87 million DEF) (all amounts of the facility of creation). Garrett does not have significant maturities until September 2023. The credit facility replaces the existing loan facility it completed on October 9, 2019 and has a three-year term. Until December 31, 2021, interest is based on the company`s preferred credit facility on a base rate plus 3.75% or on LIBOR plus 4.75%.

Subsequently, the applicable margin is linked to the company`s overall debt ratio and is between 2.75% and 3.75% for base rate loans and between 3.75% and 4.75% for LIBOR loans. The entity will use the net proceeds to repay all outstanding obligations under its previous revolving credit facility and plans to use the remaining revenues and available resources for working capital and general business purposes. “The changes to our credit agreement significantly increase Garrett`s financial flexibility to weather the economic downturn caused by the current pandemic,” said Olivier Rabiller, President and CEO of Garrett Motion. “We appreciate the support of our credit group as we continue to take decisive action to take action in this challenging environment.