Valvoline Inc. announced that it has commenced a tender offer (the "Tender Offer") to purchase for cash any and all of its outstanding 4.250% senior notes due 2030 (the "Notes"). The Tender Offer is being made to comply with the requirements of the asset sale covenant under the indenture governing the Notes. The Tender Offer will expire at 5:00 p.m., New York City time, on April 12, 2024, unless extended or earlier terminated by Valvoline (such time and date, as the same may be extended, the "Expiration Time").

No tenders submitted after the Expiration Time will be valid. Subject to the terms and conditions of the Tender Offer, holders that validly tender their Notes that do not validly withdraw such Notes at or prior to the Expiration Time and whose Notes are accepted for purchase pursuant to the Tender Offer will be eligible to receive the Consideration as set forth in the table above. In addition, holders will receive accrued and unpaid interest on such Notes from the last date on which interest has been paid to, but excluding, the settlement date.

Citigroup Global Markets Inc., Goldman Sachs & Co. LLC and Morgan Stanley & Co. LLC are the dealer managers (the "Dealer Managers") in the Tender Offer.

Global Bondholder Services Corporation has been retained to serve as both the depositary and the information agent (the "Depositary and Information Agent") for the Tender Offer.