Valvoline (VVV) Prices 30M Share IPO at $22/Share, at Upper End of Range (ASH)

September 22, 2016 6:40 PM EDT

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Ashland Global Holdings Inc. (NYSE: ASH) and Valvoline Inc. (NYSE: VVV) 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, the upper end of the expected $20-$23 range. 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, 2016.

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.

Valvoline Inc. is a leading worldwide producer and distributor of premium-branded automotive, commercial and industrial lubricants, and automotive chemicals. In 2016, it ranks as the #2 quick-lube chain by number of stores and #3 passenger car motor oil in the DIY market by volume brand in the United States. The brand operates and franchises approximately 1,050 Valvoline Instant Oil ChangeSM centers in the United States. It also markets ValvolineTM lubricants and automotive chemicals; MaxLifeTM lubricants created for higher-mileage engines, SynPowerTM synthetic motor oil; and ZerexTM antifreeze.



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