BB&T Serves as Co-Manager for Valvoline’s $375 Million Offering of 5.50% Senior Notes due 2024
On July 13, 2016, BB&T Capital Markets served as a co-manager for a $375 million offering of 5.50% senior notes by Valvoline Finco Two LLC, a newly formed, indirect, wholly owned, subsidiary of Ashland Inc. Valvoline Finco will be merged into Valvoline Inc. after Ashland contributes substantially all of the historical assets and liabilities related to the Valvoline business, as well as other assets and liabilities.
Proceeds from the offering will be transferred to Ashland through intercompany transfers. Ashland intends to use the proceeds to repay borrowings under its senior unsecured credit facilities.
About the Companies
Valvoline, Inc. is one of the most recognized and respected premium consumer brands in the global automotive lubricant industry, known for its high quality products and superior levels of service. Established in 1866, the Company’s heritage spans 150 years, during which it has developed powerful name recognition across multiple product and service channels. Valvoline has significant positions in the United States in all of the key lubricant sales channels, and also has a strong international presence with its products sold in approximately 140 countries. In the United States and Canada, Valvoline’s products are sold to consumers through over 30,000 retail outlets, to installer customers with over 12,000 locations, and to approximately 1,050 Valvoline branded franchised and company-owned stores. The Company serves its customer base through an extensive sales force and technical support organization, allowing it to leverage its technology portfolio and customer relationships globally, while meeting customer demands locally. This combination of scale and strong local presence is critical to its success. The Company was founded in 1866 and is headquartered in Lexington, Kentucky.
The company is in the process of spinning-off from Ashland, Inc.
BB&T Capital Markets is the leading investment bank to the automotive aftermarket. We provide unparalleled industry expertise and transaction execution throughout the entire aftermarket channel - from suppliers and distributors to retailers and professional installers - in every segment of the $300 billion industry.
About BB&T Capital Markets
BB&T Capital Markets offers an integrated platform of equity and debt underwriting, M&A advisory, corporate banking, and sales and trading. Headquartered in Richmond, VA, with offices throughout the US, we have specific expertise within 10 distinct industry verticals including Automotive Aftermarket; Commercial & Industrial; Education; Energy; Financial Services; Food & Agribusiness; Healthcare; Logistics & Transportation Services; Real Estate; and Retail & Consumer. Our commitment to industry expertise, combined with our resources as one of the nation's strongest financial institutions, strategically positions BB&T Capital Markets to build lasting relationships and contribute measurably to the long-term success of our clients.