Valvoline Inc. (NYSE: VVV) closed a $600 million senior notes offering on August 24, 2026, according to a company statement.

The notes carry a 6.125% interest rate and mature on August 15, 2034. They were sold exclusively to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S, and have not been registered under the Securities Act of 1933.

Valvoline said it intends to use the proceeds to repay in full its senior secured term loan A facility and partially repay its senior secured term loan B facility, with any remaining funds allocated to general corporate purposes.

The notes are unsubordinated unsecured obligations of Valvoline, guaranteed on the same basis by subsidiaries that already guarantee Valvoline's existing senior secured credit facilities or its 3.625% senior notes due 2031. U.S. Bank Trust Company, National Association serves as trustee under the indenture.

On the same date, Valvoline entered into Amendment No. 2 to its Second Amended and Restated Credit Agreement. The amendment increases the revolving credit facility from $475 million to $600 million, reduces pricing, and extends the facility's maturity to five years from August 24, 2026.

The amendment also raises the maximum consolidated net leverage ratio under the financial covenant from 4.50:1.00 to 5.00:1.00, stepping down to 4.75:1.00 and 4.50:1.00 in the third and fourth years of the facility, respectively. The amendment adds flexibility to increase the ratio by 0.50:1.00 following a material acquisition. All other material terms of the credit agreement remain unchanged.