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Valvoline to repay $100 million of term loan A debt via note proceeds
By Wendy Van Sickle
Columbus, Ohio, Feb. 10 – Valvoline Inc. plans to repay $100 million of debt under its term loan A facility with some proceeds of a $600 million issue of 10-year senior notes (Ba3/BB), which it priced at par to yield 4¼% in a Monday drive-by, according to an 8-K filing with the Securities and Exchange Commission.
The company also plans to use proceeds to redeem its 5½% notes due 2024, with any excess proceeds to be used for general corporate purposes, which may include acquisitions, debt repayment, working capital and capital expenditures.
The Lexington, Ky.-based company is supplier of lubricants and automotive services.
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