Ashland (ASH) Launches 30M Share Valvoline (VVV) IPO

September 12, 2016 7:14 AM EDT

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Ashland Inc. announced the launch of the Valvoline Inc. (NYSE: VVV) initial public offering of 30,000,000 shares of Valvoline's common stock. The offering is being made pursuant to a registration statement on Form S-1 filed with the Securities and Exchange Commission ("SEC"). Valvoline expects to grant 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 has applied for its common stock to be listed on the New York Stock Exchange under the symbol "VVV."

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 relating to these securities has been filed with the SEC, but has not yet become effective. These securities may not be sold, nor may offers to buy be accepted, prior to the time the registration statement becomes effective. The initial public offering will be made only by means of a prospectus. A copy of the preliminary prospectus relating to the initial public offering 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; 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.

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