Valvoline amended its credit agreement, closing a $1.05 billion facility with the Bank of Nova Scotia as administrative agent and Citibank as lead arranger.

According to a related 8-K filing, the facilities consist of a $575 million term loan facility and a $475 million revolving credit facility. The transaction closed on April 12, 2019.

As of the signing date, the term loan facility will be fully drawn and the revolving facility will be undrawn. Proceeds of borrowings under the facility will be used on the effective date to, among other things, prepay in full the principal amount of the term A loans under the original credit agreement, together with all accrued but unpaid interest outstanding as of immediately prior to the effective date, pay in full the principal amount of the revolving credit loans under the original credit agreement, together with all accrued but unpaid interest thereon, outstanding as of immediately prior to the effective date, pay in full all accrued and unpaid letter of credit fees and commitment fees under the original credit agreement as of immediately prior to the effective date, pay amounts outstanding under one of Valvoline’s receivables facilities as of immediately prior to the effective date, pay fees, costs and expenses in connection with the foregoing and the other transactions contemplated by the amendment and restatement agreement, and fund general corporate purposes with any proceeds which remain available.

Proceeds of borrowings under the revolving facility will be used after the effective date for working capital and general corporate purposes.

Valvoline is a premium consumer brand in the global automotive lubricant industry.