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Valvoline Announces Pricing of Senior Notes Offering
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LEXINGTON, Ky., Dec. 15, 2020 /PRNewswire/ Valvoline Inc. ( Valvoline ) (NYSE: VVV) announced today the pricing of its previously announced offering of $535 million aggregate principal amount of 3.625% Senior Notes due 2031 (the Notes ). The Notes will be unsecured unsubordinated obligations of Valvoline. Each of Valvoline s subsidiaries that guarantees Valvoline s obligations under its existing senior secured credit facilities will guarantee the Notes on an unsubordinated unsecured basis. Valvoline intends to use the net proceeds from the offering, together with cash and cash equivalents on hand, to fund the redemption of all its outstanding 4.375% Senior Notes due 2025 and to pay related fees and expenses. The offering is expected to close on Jan. 4, 2021, subject to customary closing conditions.