Valvoline to repay revolver borrowings via $300 million note add-on

By Rebecca Melvin

New York, May 8 – Valvoline Inc. plans to repay borrowings under its revolving credit facility with all of the proceeds of a $300 million add-on to its 4 3/8% notes due 2025, according to a company release.

The company plans to add on to an existing $400 million of the notes outstanding.

The new paydown follows a $100 million repayment of debt under its term loan A facility with some proceeds of a $600 million issue of 10-year senior notes in February.

The Lexington, Ky.-based company is supplier of lubricants and automotive services.

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