Valvoline Inc. (NYSE: VVV) has priced a $600 million offering of 6.125% Senior Notes due 2034, according to a company statement. The offering was upsized by $100 million from the originally announced $500 million.

Valvoline said the notes are unsubordinated unsecured obligations, and each subsidiary that guarantees the company's senior secured credit facilities will also guarantee the notes on an unsubordinated unsecured basis.

The company intends to use the net proceeds to repay in full its senior secured term loan A facility and partially repay its senior secured term loan B facility, along with related fees and expenses. Any remaining proceeds will be used for general corporate purposes. The offering is expected to close on August 24, 2026, subject to customary closing conditions.

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 effective date. The notes offering is not conditioned on 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.