COVINGTON, Ky., July 11, 2016 /PRNewswire/ — Ashland Inc. (NYSE: ASH) announced today that the company and its banking group have adopted an amendment to Ashland`s priority unsecured credit contract of June 23, 2015 (the “Ashland Loan Contract”) and that Ashland`s 100% subsidiary, Valvoline Finco One LLC, has entered into a late loan agreement for new loans to senior secured bank (the “Valvoline delayed-credit”. These agreements are an important step in Ashland`s already announced plan to split into two independent listed companies: Ashland Global Holdings Inc., consisting of Ashland Specialty Ingredients and Ashland Performance Materials, and Valvoline Inc., which consists of Ashland`s Valvoline division. The subsidiary of Ashland valvoline finco one llc enters into a late credit agreement for the new senior bank secured facilities – Valvoline delayed-draw credit agreement will be available for borrowing under the $1.325 billion Valvoline loan for financing. a five-year revolving credit facility totalling $450 million, which includes a $100 million credit limit, and a five-year priority secured credit facility totalling $875 million. The Valvoline loan agreement for late draws will be available for bonds after the transfer of the Valvoline business to Valvoline Inc. and if certain other conditions are met. Ashland expects these conditions to be met in the fall of 2016 as part of other stages of the planned separation. Ashland Inc.
Proposes the update of the proposed separation of the Valvoline Valvoline deferred underwriting loan agreement provides for financing of USD 1.325 billion – Credit Agreement, consisting of a five-year secured revolving credit facility of $450 million, a five-year loan of USD 875 million – Ashland Inc. Ashland`s credit contract has been amended to allow, among other things, the transactions contemplated by the separation and to make some related technical changes.