Valvoline issues $600M 6.125% senior notes due 2034; revolver upsized to $600M

VALVOLINE INC

Issued $600M aggregate principal of 6.125% senior notes due Aug 15, 2034, unsecured and guaranteed by subsidiaries.
Proceeds used to repay term loan A in full and partially repay term loan B; remainder for general corporate purposes.
Revolving credit facility increased from $475M to $600M, maturity extended five years from Aug 24, 2026.
Leverage covenant raised from 4.50x to 5.00x, stepping down to 4.75x and 4.50x in years 3 and 4; plus 0.50x for material acquisitions.
Notes offered under Rule 144A/Reg S; not registered under Securities Act.

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