Valvoline raises $600 million via senior notes at 6.125% yield
Automotive services provider Valvoline priced $600 million in senior unsecured notes due 2034, offering a 6.125% coupon. Proceeds to fund general corporate purposes.
Valvoline Inc. priced a $600 million offering of senior unsecured notes maturing in 2034, according to a company filing.
The notes carry a fixed coupon of 6.125% per annum, with interest payable semiannually. The issuance was priced at par, with settlement expected on or about May 21, 2024.
Proceeds from the offering will be used for general corporate purposes, including working capital, debt repayment and potential acquisitions, the company stated in a regulatory filing. Valvoline did not specify a target allocation among these uses.
The notes are not secured and rank pari passu with the company’s existing senior unsecured debt, according to the filing. Valvoline’s existing credit ratings from Moody’s and S&P Global Ratings remain unchanged following the offering.
Valvoline, based in Lexington, Kentucky, operates a global network of automotive service centers under brands including Valvoline Instant Oil Change and Valvoline Express Care.
Priya covers listed equities and corporate earnings, reading quarterly results and guidance for what they signal about sector health and forward valuations.
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