Valvoline Inc. has announced the expiration and results of its tender offer to purchase any and all of its outstanding 4.250% senior notes due 2030. The tender offer expired at 5:00 p.m., New York City time, on April 12, 2024. According to information provided, the aggregate principal amount of notes validly tendered and not validly withdrawn at or prior to the expiration time was $598,307,000, which represents 99.72% of the outstanding principal amount.
The consideration being offered for the tendered notes is $1,000.00 per $1,000 principal amount of tendered notes accepted for purchase. Valvoline expects to accept for purchase all of the tendered notes, with the settlement date expected to be April 16, 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 was made to comply with the requirements of the asset sale covenant under the indenture governing the notes. The consummation of the tender offer is subject to, and conditioned upon, the satisfaction or waiver of certain conditions described in the offer to purchase.
Valvoline Inc. (NYSE: VVV) is the quick, easy, trusted leader in automotive preventive maintenance, with approximately 1,900 service centers throughout North America. To learn more, or to find a service center near you, visit vioc.com. Today the company's shares have moved 0.2% to a price of $41.74. If you want to know more, read the company's complete 8-K report here.
