Garrett Motion Inc. (NASDAQ: GTX) announced it successfully repriced its existing $635 million term loan due in 2032 and made a $50 million early repayment of the facility.

The repricing reduces the interest rate to the Secured Overnight Financing Rate plus 175 basis points per annum, representing a 25-basis point reduction from the previous rate structure. The term loan facility now totals $585 million following the partial repayment.

"We are pleased to have completed the repricing of our term loan, reflecting the strength of our financial profile and lender confidence in our long-term strategy," said Olivier Rabiller, President and CEO of Garrett Motion. "The repricing will further reduce interest expense and strengthen liquidity."

Garrett Motion is a turbocharging and electrification technology company serving mobility and industrial applications. The company operates six research and development centers and 13 manufacturing facilities with more than 8,700 employees across over 20 countries.

The information was disclosed in a company press release.