Valvoline gets tenders for $598.31 million of 4¼% notes due 2030

By Marisa Wong

Los Angeles, April 15 – Valvoline, Inc. announced the results of its March 14 tender offer to purchase for cash any and all of its $600 million outstanding 4¼% senior notes due 2030 (Cusip: 92047WAD3, U92147AB0).

As of the expiration of the offer at 5 p.m. ET on April 12, holders had tendered $598,307,000 of the notes, according to a Monday press release.

Valvoline said it expects to accept for purchase all of the tendered notes.

The purchase price is par of $1,000, plus accrued interest.

Settlement is expected to be on April 16.

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