...NEW YORK (S&P Global Ratings) April 17, 2019--S&P Global Ratings today assigned its '###-' issue-level rating and '1' recovery rating to Valvoline Inc.'s amended and extended senior secured bank credit facilities, which comprise a $475 million revolver due 2024 and a $575 million term loan due 2024. The '1' recovery rating indicates our expectation for very high (90%-100%; rounded estimate: 95%) recovery in the event of a payment default. We expect the company to use the net proceeds from the upsized term loan to repay the outstanding balance under its existing revolver and account receivable facility, pay associated fees and expenses, and for general corporate purposes. Pro forma for the leverage-neutral transaction, Valvoline has about $1.3 billion of total debt outstanding. All of our existing ratings, including our '##+' issuer credit rating on the company and our '##+' issue-level rating on its senior unsecured notes, remain unchanged following this transaction. The recovery rating...
