Shearman & Sterling advised Valvoline Inc. on corporate finance matters in connection with the sale of its Global Products business to Aramco for $2.65 billion in cash, subject to certain customary adjustments. The transaction closed on March 1.

Shearman advised Valvoline, as borrower, on the refinancing of existing indebtedness with a $950 million financing agented by The Bank of Nova Scotia consisting of a $475 million senior secured term A loan facility and a $475 million senior secured revolving credit facility, which includes a $100 million letter of credit facility, and in connection with covenant compliance and related advice under its credit agreement and existing high yield indentures relating to the sale.

Valvoline operates and franchises over 1,700 service center locations through its Valvoline Instant Oil Change and Great Canadian Oil Change retail locations.

The Shearman & Sterling team below included associates Aylmer Wang and Gordon Lee.

The Team