Valvoline IncVVV
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Refinancing strengthens debt maturity profile and enhances liquidity.
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Materials
Valvoline IncValvoline launches $500 million senior notes offering
Corporate Action
Valvoline Inc. announced the commencement of an offering of $500,000,000 aggregate principal amount of Senior Notes due 2034. The offering is part of a leverage-neutral coordinated refinancing transaction intended to strengthen Valvoline's debt maturity profile and enhance liquidity. Valvoline intends to use the net proceeds, together with cash and cash equivalents on hand, to repay in full its senior secured term loan A facility and partially repay its senior secured term loan B facility and to pay related fees and expenses. Concurrently, Valvoline intends to amend its existing revolving credit facility to increase availability from $475 million to $600 million, reduce pricing, and extend maturity to five years after the amendment effective date. The notes will be offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.
Valvoline IncRefinancing strengthens debt maturity profile and enhances liquidity.