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Valvoline Launches $500 Million Senior Notes Offering

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Valvoline (VVV) launched an offering of $500 million of senior notes due 2034 to qualified institutional buyers, according to a Thursday statement.

The notes will be unsubordinated, unsecured obligations of Valvoline and guaranteed by certain subsidiaries of the company, Valvoline said. Proceeds will be used for debt repayment, the company added.

Concurrent with the offering, Valvoline said it plans to amend its existing revolving credit facility to increase the funding availability to $600 million from $475 million, reduce the pricing, and extend maturity to five years after the amendment's effective date, according to the statement.

Price: $33.87, Change: $+0.56, Percent Change: +1.67%

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