Spin-off of Honeywell's transportation systems
On October 10, 2017, Honeywell International Inc. announced its intention to segregate its transportation systems businesses by means of a spin-off transaction ending with Garrett Motion Inc. owning the transportation systems business (the “Spin-Off”).
In October 2018, in connection with the Spin-Off, among other, (i) Garrett LX I S.à r.l. (Luxembourg) and Garrett Borrowing LLC (Delaware, USA) have issued and sold senior notes due 2026 and (ii) certain companies of the Honeywell Group entered into a Credit Facility Agreement providing in particular for a senior secured term loan facility in an approximate aggregate principal amount of USD 1'660 million (or its Euro equivalent) and a senior secured first-lien revolving credit facility in an aggregate principal amount of EUR 430 million.
Lenz & Staehelin acted as Swiss counsel to the Honeywell Group. The team was led by partners David Ledermann (Corporate and M&A) and Frédéric Neukomm (Tax) and included associates Clément Bouvier and Emilie Jacot-Guillarmod (both Corporate and M&A).