Ashland Global Holdings Inc. (“Ashland”) and Valvoline Inc. (“Valvoline”) today announced the pricing of Valvoline’s initial public offering of 30,000,000 shares of Valvoline’s common stock at a price to the public of $22.00 per share.
In addition, Valvoline has granted the underwriters an option to purchase up to an additional 4,500,000 shares of its common stock to cover over-allotments, if any.
After the completion of the offering, Ashland will own 170,000,000 shares of Valvoline’s common stock, representing 85% of the total outstanding shares of Valvoline’s common stock (or approximately 83% if the underwriters exercise their over-allotment option in full). Valvoline’s common stock has been approved for listing on the New York Stock Exchange under the symbol “VVV” and is expected to begin trading on September 23. The offering is expected to close on September 28, 2016, subject to the satisfaction or waiver of customary closing conditions.
BofA Merrill Lynch, Citigroup and Morgan Stanley are acting as joint book-running managers for the offering and representatives of the underwriters.
Deutsche Bank Securities, Goldman, Sachs & Co. and J.P. Morgan are also acting as joint book-running managers for the offering. Scotiabank is acting as senior co-manager for the offering and BTIG, Mizuho Securities, PNC Capital Markets LLC and SunTrust Robinson Humphrey are acting as co-managers for the offering.
A registration statement on Form S-1 relating to these securities has been filed with, and declared effective by, the Securities and Exchange Commission (“SEC”). The initial public offering is being made only by means of a prospectus forming part of the effective registration statement.
A copy of the prospectus relating to the initial public offering, when available, may be obtained from BofA Merrill Lynch, NC1-004-03-43, 200 North College Street, 3rd floor, Charlotte NC 28255-0001, Attention: Prospectus Department or by e-mail at dg.prospectus_requests@baml.com; Citigroup, c/o Broadridge Financial Solutions, 1155 Long Island Avenue, Edgewood, New York 11717, or by telephone at (800) 831-9146); or Morgan Stanley, Attention: Prospectus Department, 180 Varick Street, 2nd floor, New York, New York 10014.
