Shearman & Sterling advised Citigroup Global Markets Inc. as representative of the initial purchasers in connection with the Rule 144A/Regulation S offering of $375 million of 5.500% senior notes due 2024 of Valvoline Finco Two LLC (“Finco”).

Finco is a newly formed, wholly owned subsidiary of Ashland Inc., a global leader in specialty chemicals and, through its brand Valvoline, a premium consumer-branded lubricant supplier with products sold in approximately 140 countries. This offering is part of the previously announced reorganization of Ashland whereby Ashland will transfer substantially all of its automotive lubricant business to Valvoline Inc. Following this transfer, Finco will merge with and into Valvoline Inc., with Valvoline Inc. as the surviving corporation.

The Shearman & Sterling team included partners Merritt Johnson (New York-Capital Markets) and Ilir Mujalovic (New York-Capital Markets); and associates Rupa Briggs (New York-Capital Markets), Sean Dougherty (New York-Capital Markets), Drew Valentine (New York-Capital Markets), Victor Nilsson (New York-Corporate) and Kevin Paulsen (New York-Corporate).