Valvoline closed a new $125 million accounts receivable facility on November 29, 2016. PNC Bank served as agent and committed investor.

Valvoline has borrowed $75 million under the facility to date and has applied the net proceeds to reduce borrowings under the term loan A by the same amount.

According to a related 8-K filing, The Bank of Tokyo-Mitsubishi UFJ, New York branch, served as a managing agent, an administrator and a committee investor. Gotham Financing was a conduit investor and an uncommitted investor. LEX Capital was a conduit investor, an uncommitted lender and L/C issuer. PNC Capital Management served as structuring agent.

Valvoline is a worldwide producer and distributor of branded automotive, commercial and industrial lubricants as well as automotive chemicals.