Valvoline entered into Amendment No. 1 to its credit agreement to refinance its outstanding Term B loans, keeping total principal at $738.15 million. The loans will bear interest at adjusted term SOFR plus 1.75% or the base rate plus 0.75%, with 0.25% quarterly amortization starting Sep 30, 2026, and final maturity on Dec 1, 2032. A 1.00% premium applies to certain repricing transactions within six months of the amendment. The move is intended to streamline the capital structure and preserve financial flexibility.
Agreement details:
- Agreement type: Amendment to credit agreement and refinancing of Term B loans
- Counterparty: Bank of Nova Scotia and other lenders
- Signed / Effective: Jun 30 2026 / Jun 30 2026
- Duration / Termination: Through Dec 01 2032
- Reason: Refinance Term B loans and maintain flexibility
Original SEC Filing:
This is an AI-powered summary. It may contain inaccuracies. Consider verifying important information with the source. Please note this summary is solely based on documents filed with the SEC.