Valvoline Inc. (NYSE: VVV) has announced the commencement of an offering of $500 million in aggregate principal amount of senior notes due 2034, according to a press release from the company.

The notes will be unsubordinated unsecured obligations of Valvoline, guaranteed on the same basis by each subsidiary that guarantees the company's senior secured credit facilities. Valvoline stated it intends to use the net proceeds, along with cash on hand, to repay in full its senior secured term loan A facility and partially repay its senior secured term loan B facility, and to cover related fees and expenses.

The company described the offering as part of a leverage-neutral refinancing transaction intended to adjust its debt maturity profile and liquidity position.

Concurrent with the offering, Valvoline intends to amend its existing revolving credit facility to increase availability from $475 million to $600 million, reduce pricing, and extend its maturity by five years from the amendment's effective date. The notes offering is not conditioned upon the completion of that amendment.

The notes will be offered to qualified institutional buyers under Rule 144A of the Securities Act of 1933 and to non-U.S. persons under Regulation S. The notes have not been registered under the Securities Act and may not be offered or sold in the United States without registration or an applicable exemption.