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.