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Shearman & Sterling Advises on Valvoline’s $400 Million Senior Notes Offering

8 Aug 2017
Shearman & Sterling advised Valvoline Inc. on its Rule 144A/Regulation S offering of $400 million of 4.375% senior notes due 2025. Valvoline intends to use the net proceeds from the offering to make a voluntary contribution to its tax-qualified U.S. domestic pension plan.

Established in 1866, Valvoline is a leading worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants and automotive chemicals. Valvoline currently ranks as the No. 2 quick-lube chain by number of stores and No. 3 passenger car motor oil brand in the DIY market by volume in the United States. Valvoline operates and franchises more than 1,070 Valvoline Instant Oil Change centers in the United States and has a strong international presence with products sold in approximately 140 countries.

The Shearman & Sterling team was led by partners Ilir Mujalovic and Merritt Johnson (both New York-Capital Markets); and associates Rupa Briggs, Sean Dougherty (both New York-Capital Markets), Victor Nilsson and Marika Mikuriya (both New York-Corporate Group). Other Shearman & Sterling lawyers involved in the transaction were partners Nathan Greene (New York-Investment Funds), Harald Halbhuber (New York-Capital Markets) and Ethan Harris (Washington D.C.-Tax); counsel Gillian Moldowan (New York-Compensation, Governance & ERISA); and associates Matthew Weston (New York-Compensation, Governance & ERISA), Justin Reda (New York-Investment Funds) and Ryan Au (Washington, D.C.-Tax).
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