Shearman & Sterling advised Valvoline Inc. on its Rule 144A/Regulation S offering of $600 million of 4.250 percent senior notes due 2030. Valvoline intends to use the net proceeds from this offering to fund the redemption of all of its outstanding 5.500 percent senior notes due 2024 and to pay related fees and expenses and repay $100 million of indebtedness under its term loan A facility. Valvoline intends to use the remaining net proceeds for general corporate purposes, which may include acquisitions, repayment of indebtedness, working capital and capital expenditures.

Valvoline is one of the most recognized and respected premium consumer brands in the global automotive lubricant industry, known for its innovative, high quality products and superior levels of service. Established in 1866, Valvoline’s heritage spans over 150 years, during which it was the petroleum industry’s first U.S. trademarked motor oil brand and has developed powerful name recognition across multiple product and service channels. In addition to the iconic Valvoline-branded passenger car motor oils and other automotive lubricant products, Valvoline provides a wide array of lubricants used in heavy duty equipment, as well as automotive chemicals and fluids designed to improve engine performance and lifespan.

The Shearman & Sterling team below included associates Maeve Wilson and Alex Liebmann.

The Team