---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-22-303873"
form_type: "8-K"
ticker: "VVV"
cik: "0001674910"
company_name: "VALVOLINE INC"
filed_at: "2022-12-13T23:59:59+00:00"
generated_at: "2026-06-21T05:28:17.157734+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.55
calibrated_materiality_score: 0.55
confidence: "high"
source: SEC EDGAR
---

# Valvoline enters $950M credit facility, CEO Macadam not standing for re-election

## Summary
- New $950M senior secured credit facilities: $475M term loan A and $475M revolver; funds refinancing of existing debt and divestiture-related costs.
- Facilities contingent on consummation of Global Products sale to Gateway Velocity, expected closing date TBD.
- Stephen Macadam notified board he will not stand for re-election at 2023 annual meeting due to other commitments; no disagreement cited.
- Term loan SOFR+2.000% initially, stepping to between +1.375% and +2.250% based on leverage; revolver fee 0.300% initially.

## SEC filing metadata
- accession: 0001193125-22-303873
- form_type: 8-K
- ticker: VVV
- cik: 0001674910
- company_name: VALVOLINE INC
- filed_at: 2022-12-13T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.55
- calibrated_materiality_score: 0.55
- confidence: high
- sec_items: 1.01, 2.03, 5.02, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/1674910/000119312522303873/0001193125-22-303873-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/1674910/000119312522303873/d428827d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-22-303873
- JSON: https://secwatch.observer/filing/0001193125-22-303873.json
- Plain text: https://secwatch.observer/filing/0001193125-22-303873.txt

## Key facts
- Debt Financings
  VALVOLINE INC amended credit facility of $950 million with The Bank of Nova Scotia and other lenders at Initial interest rate at adjusted Term SOFR plus 2.00% per annum (or alternate b maturing Five years.
  - Instrument: credit facility
  - Principal: $950 million
  - Counterparty: The Bank of Nova Scotia and other lenders
  - Rate: Initial interest rate at adjusted Term SOFR plus 2.00% per annum (or alternate b
  - Maturity: Five years
  - Event: amendment
  source text: the Amendment and Restatement Agreement, the “ Amended and Restated Credit Agreement ”). The Amended and Restated Credit Agreement provides for an aggregate principal amount of $950 million in senior secured credit facilities (the “ Valvoline Credit Facilities ”), comprised of (i) a five-year $475 million term loan A facility (the “ Term Loan Facility ”) and (ii) a
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674910/000119312522303873/0001193125-22-303873-index.htm
- Executive change
  Stephen E. Macadam departed as Director at VALVOLINE INC.
  - Action: not to stand for reelection
  - Role: Director
  source text: On December 7, 2022, Stephen E. Macadam notified the Board of Directors (the “Board”) of Valvoline of his intention not to stand for reelection upon expiration of his term as a Director at Valvoline’s 2023 Annual Meeting of Shareholders due to other commitments which would make it difficult for him to devote the time necessary to fulfill his duties as a director of Valvoline.
  evidence_url: https://www.sec.gov/Archives/edgar/data/1674910/000119312522303873/0001193125-22-303873-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.