Valvoline starts tender offer for 4¼% senior notes due 2030

By Marisa Wong

Los Angeles, March 14 – Valvoline, Inc. has begun a tender offer to purchase for cash any and all of its $600 million outstanding 4¼% senior notes due 2030 (Cusip: 92047WAD3, U92147AB0), according to a press release.

Valvoline is offering to purchase the notes at par of $1,000, plus accrued interest.

The offer will expire at 5 p.m. ET on April 12. Tenders may be withdrawn at any time prior to that deadline.

The tender offer is being made to comply with the requirements of the asset sale covenant under the indenture governing the notes, the company noted.

The offer is subject to some conditions.

Citigroup Global Markets Inc. (800 558-3745 or 212 723-6106), Goldman Sachs & Co. LLC (800 828-3182 or 212 902-5962) and Morgan Stanley & Co. LLC (800 624-1808 or 212 761-1057) are the dealer managers.

Global Bondholder Services Corp. (212 430-3774 or 855 654-2015; contact@gbsc-usa.com) is the depositary and information agent.

Valvoline is a Lexington, Ky.-based supplier of automotive lubricants.

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