Valvoline Inc.’s High‑Yield Senior Notes Offering

Cravath represented the initial purchasers, led by Morgan Stanley, BofA Securities, Goldman Sachs & Co. LLC, Citigroup, Fifth Third Securities, Scotiabank, US Bancorp and Deutsche Bank Securities, in connection with the $535 million 144A/Reg. S high‑yield senior notes offering of Valvoline Inc., a worldwide marketer and supplier of engine and automotive maintenance products and services. The transaction closed on January 4, 2021.

The Cravath team included partner Craig F. Arcella and associate Bethany E. Clarke on capital markets matters, and associate Luis Calderon‑Gomez on tax matters. Giovanna D. Robledo also worked on capital markets matters and Sonia Katharani‑Khan also worked on tax matters.