Shearman And Sterling

News June 12, 2019

Valvoline Inc.’s $1.05 Billion Financing

Shearman & Sterling advised Valvoline Inc., as borrower, on a $1.05 billion financing consisting of a five-year $575 million term loan A facility and a five-year $475 million revolving credit facility, including a $100 million letter of credit facility, in each case, agented by The Bank of Nova Scotia. The proceeds of the facilities are to be used for working capital and general corporate purposes and to repay existing debt.

Headquartered in Lexington, Kentucky, Valvoline Inc. manufactures and markets engine and automotive maintenance products and services.