Ashland prices $375 million senior notes

Ashland prices $375 million of senior notes

11:03 AM, 14th July 2016
Ashland prices $375 million of senior notes

COVINGTON, US: Ashland Inc said that its wholly owned subsidiary Valvoline Finco Two LLC has priced an offering of $375 million aggregate principal amount of 5.5 percent senior notes due 2024.

This offering marks a significant milestone in Ashland's previously announced plan to separate into two independent, publicly traded companies: Ashland Global Holdings Inc composed of Ashland Specialty Ingredients and Ashland Performance Materials, and Valvoline Inc, composed of Ashland's Valvoline business segment.

The notes will be unsecured unsubordinated obligations of Valvoline Finco. The offering is expected to close on 20 July 2016.

Following the contribution of the Valvoline business to Valvoline Inc. Valvoline Finco will merge with and into Valvoline, and Valvoline will assume all of Valvoline Finco's obligations under the notes. The notes will initially be guaranteed on an unsecured basis by Ashland. The Ashland guarantee will automatically be released upon Valvoline's assumption of the notes.

Valvoline Finco intends to transfer the net proceeds of the offering (after deducting initial purchasers' discounts and other fees and expenses) to Ashland. Ashland intends to use such net proceeds to repay borrowings under its senior unsecured credit facilities.

The notes will be offered in the US to qualified institutional buyers pursuant and outside the US pursuant to Regulation S under the Securities Act. The Notes have not been registered under the Securities Act and may not be offered or sold in the US without registration or an applicable exemption from the registration requirements.

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