Valvoline Announces Cash Tender Offer for Senior Notes

Valvoline Inc. has announced the commencement of a cash tender offer for any and all of its outstanding 4.250% senior notes due 2030. The company is offering to purchase these notes for $1,000 per $1,000 principal amount of the notes tendered and accepted for purchase. The tender offer will expire at 5:00 p.m., New York City time, on April 12, 2024.

In fiscal year 2023, Valvoline’s network delivered approximately 27 million services to generate $1.4 billion in revenue from $2.8 billion in system-wide store sales, marking 17 years of consecutive system-wide same-store sales growth.

The tender offer is being managed by Citigroup Global Markets Inc., Goldman Sachs & Co. LLC, and Morgan Stanley & Co. LLC. Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent for the tender offer.

Valvoline Inc. is known for its network of approximately 1,900 service centers throughout North America, offering a range of automotive preventive maintenance services including 15-minute stay-in-your-car oil changes, battery, bulb and wiper replacements, tire rotations, and other manufacturer recommended maintenance services.

The company's diligence in maintaining 4.6 out of 5-star rated service, along with its focus on driving the full potential in its core business, accelerating network growth, and innovating to meet the needs of customers and the evolving car parc, has contributed to its success in the market.

Today the company's shares have moved -1.2% to a price of $43.58. If you want to know more, read the company's complete 8-K report here.

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