Valvoline to boost credit facility to $600M from $475M

Valvoline Inc. (NYSE: VVV) announced plans to amend its existing revolving credit facility, increasing the availability from $475 million to $600 million, as part of a coordinated refinancing initiative. The amendment is expected to enhance the company’s liquidity position, reduce borrowing costs, and provide greater financial flexibility. The change will also extend the maturity of the credit facility to five years after the amendment’s effective date and reduce pricing. This move is being executed alongside the company’s $600 million senior notes offering, which was upsized from an initial $500 million and priced at 6.125%. Proceeds from the offering will be used to repay senior secured term loan A facility in full and partially repay its term loan B facility. The credit facility amendment is not a prerequisite for completion of the notes offering. The company emphasized that the refinancing is leverage-neutral and aims to strengthen its debt maturity profile. Valvoline operates approximately 2,500 service centers across the U.S. and Canada, delivering over 30 million services annually.