Honeywell’s completing the spin-off of Garrett Motion Inc


Honeywell announced that it has completed its spin-off of Garrett Motion Inc., Honeywell’s former Transportation Systems business.

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.

Honeywell is a Fortune 100 software-industrial company that delivers industry specific solutions that include aerospace products and services, control technologies for buildings and industry, and performance materials globally.

Garrett Motion designs, manufactures and sells highly engineered turbocharger and electric boosting technologies for light and commercial vehicle original equipment manufacturers and the aftermarket.

Lenz & Staehelin acted as Swiss counsel to the Honeywell Group with a team led by partners David Ledermann (Corporate & M&A, in picture) and Frédéric Neukomm (Tax) and included associates Clément Bouvier and Emilie Jacot-Guillarmod (both Corporate and M&A).

Paul, Weiss represented Honeywell on the deal with a team led by corporate partners Scott Barshay, Steven Williams, John Kennedy, Manuel Frey and Judie Ng Shortell and counsel Frances Mi; tax partner Jeffrey Samuels and counsel Alyssa Wolpin; employee benefits partner Lawrence Witdorchic and counsel Jarrett Hoffman; intellectual property partner Claudine Meredith-Goujon and counsel Jonathan Ashtor; bankruptcy partner Kelley Cornish; real estate counsel Karla Booth; and environmental counsel William O’Brien.

Involved fees earner: Scott Barshay – Paul Weiss Rifkind Wharton & Garrison; Steven Williams – Paul Weiss Rifkind Wharton & Garrison; John Kennedy – Paul Weiss Rifkind Wharton & Garrison; Manuel Frey – Paul Weiss Rifkind Wharton & Garrison; Judie Ng Shortell – Paul Weiss Rifkind Wharton & Garrison; Frances Mi – Paul Weiss Rifkind Wharton & Garrison; Lawrence Witdorchic – Paul Weiss Rifkind Wharton & Garrison; Jarrett Hoffman – Paul Weiss Rifkind Wharton & Garrison; Claudine Meredith-Goujon – Paul Weiss Rifkind Wharton & Garrison; Jonathan Ashtor – Paul Weiss Rifkind Wharton & Garrison; Kelley Cornish – Paul Weiss Rifkind Wharton & Garrison; Karla Booth – Paul Weiss Rifkind Wharton & Garrison; William O’Brien – Paul Weiss Rifkind Wharton & Garrison; Jeffrey Samuels – Paul Weiss Rifkind Wharton & Garrison; Alyssa Wolpin – Paul Weiss Rifkind Wharton & Garrison; David Ledermann – Lenz & Staehelin; Clément Bouvier – Lenz & Staehelin; Emilie Jacot-Guillarmod – Lenz & Staehelin; Frédéric Neukomm – Lenz & Staehelin;

Law Firms: Paul Weiss Rifkind Wharton & Garrison; Lenz & Staehelin;

Clients: Honeywell;