Financing ·
Valvoline Inc. closed a $600 million offering of 6.125% senior notes due August 15, 2034, with proceeds designated to…
VVVValvoline Inc
Valvoline Inc. closed a $600 million offering of 6.125% senior notes due August 15, 2034, with proceeds designated to fully repay its senior secured term loan A facility and partially repay the term loan B facility. Concurrently, the company entered into Amendment No. 2 to its credit agreement, increasing revolving credit availability from $475 million to $600 million, reducing pricing, extending maturity by five years, and relaxing the maximum consolidated net leverage ratio covenant from 4.50:1.00 to 5.00:1.00. Valvoline Inc. manufactures and markets lubricants and specialty chemicals for automotive, industrial, and marine applications.