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.

Valvoline Inc. priced and upsized its offering of $600 million aggregate principal amount of 6.125% senior notes due 2034, increasing the initial size by $100 million. The unsubordinated unsecured obligations are guaranteed by relevant subsidiaries and will close on August 24, 2026. Net proceeds will fully repay the senior secured term loan A facility, partially repay the term loan B facility, and cover fees, while concurrently amending the revolving credit facility to increase availability from $475 million to $600 million and extend maturity. This coordinated refinancing aims to strengthen the debt maturity profile and enhance liquidity. Valvoline operates in the automotive aftermarket industry, providing vehicle maintenance services such as oil changes at approximately 2,500 franchised and company-operated service centers across the United States and Canada.

Valvoline Inc. reported financial results for the third quarter ended June 30, 2026, announcing a 24% year-over-year increase in net revenues to $545 million and diluted earnings per share of $0.51, up 16%. Adjusted EBITDA rose 25% to $162 million, while system-wide same-store sales grew 8.0%. The company added 47 net stores during the quarter, bringing the total system-wide count to 2,456. Valvoline also narrowed its full-year guidance ranges and raised expectations for system-wide same-store sales growth to 7.5%-8%, up from the prior range of 5%-6.5%. The company operates in the automotive maintenance industry, providing preventive services such as oil changes and tire rotations through franchised and company-operated service centers.

Valvoline Inc. entered into an amendment to its Second Amended and Restated Credit Agreement on June 30, 2026, to refinance all outstanding Term B Loans. The refinancing involved a combination of cashless rolls by existing lenders and new cash-funded loans provided by The Bank of Nova Scotia. The aggregate principal amount of the Refinanced Term B Loans remains $738,150,000. These loans bear interest at adjusted term SOFR plus 1.75% per annum or the base rate plus 0.75% per annum. The facility maintains a seven-year maturity from December 1, 2025, with quarterly amortization of 0.25% beginning September 30, 2026. Valvoline Inc. is an automotive service and product company.