Valvoline in Revolver Upsize and $600 Million Senior Notes Offering

Cleary Gottlieb represented Valvoline Inc. (Valvoline) in an amendment to its existing credit agreement, pursuant to which Valvoline increased its revolving credit facility from $475 million to $600 million, and a concurrent offering of $600 million aggregate principal amount of senior notes due 2034.

Valvoline used the proceeds of the notes to repay their existing Term Loan A facility and part of their existing Term Loan B facility.

The transaction closed on August 24, 2026.

Valvoline operates and franchises approximately 2,500 service centers through its Valvoline Instant Oil Change, Great Canadian Oil Change, and other retail locations and supports over 240 locations through its Express Care Platform. The company’s primary services include fluid exchange, parts replacement, comfort and performance, and automobile safety. Valvoline has a strong reputation as the quick, easy, trusted name in automotive preventative maintenance.

The Cleary finance team included partner Duane McLaughlin and associates Elise Toscano and Gursheen Cheema. The capital markets team included partners Ilir Mujalovic, Harald Halbhuber, and Shuangjun Wang; associate Jose Andres de Saro; and law clerk Romina Grebe Ricoy. Partner Amber Phillips and associate Nicholas Gekakis advised on Investment Company Act matters. Counsel Victor Chiu advised on UCC matters. Partner Liz Dyer and practice development lawyer Julia Rozenblit advised on ERISA matters. Partner Samuel Chang and associate Ana Carolina Maloney advised on sanctions matters. Partner Matthew Brigham and associate Banu Dzhafarova advised on tax matters.