Shearman & Sterling advised Valvoline Inc. on its Rule 144A/Regulation S offering of $535 million of 3.625 percent senior notes due 2031. Valvoline intends to use the net proceeds from this offering, together with cash and cash equivalents on hand, to fund the redemption of all of its outstanding 4.375 percent senior notes due 2025 and to pay related fees and expenses.
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.