Valvoline Inc., a leading supplier of premium branded lubricants, announced that it closed a new U.S. accounts receivable facility on November 29th, 2016. An 8-K filing with the SEC notes, "On November 29, 2016, Valvoline LLC (“Subsidiary”), a wholly owned subsidiary of Valvoline Inc. (“Company”), entered into a $125.0 million accounts receivable securitization facility (the “Securitization Facility”) pursuant to (i) a Sale Agreement, between Subsidiary and LEX Capital LLC, a wholly-owned “bankruptcy remote” special purpose subsidiary of Subsidiary (“Lex”) and (ii) a Transfer and Administration Agreement, among Lex, Subsidiary, as Master Servicer, a certain Conduit Investor, Uncommitted Investor, and Letter of Credit Issuer, certain Managing Agents, Administrators and Committed Investors, and PNC Bank National Association, as agent for various secured parties (the “Agent”)."

The new facility makes available up to $125 million. Certain of the Company’s lenders under its senior credit facility have committed to be purchasers under its new U.S. accounts receivable facility. The facility was established with various financial institutions.

Valvoline has borrowed $75 million under the facility to date and has applied the net proceeds to reduce borrowings under the Term Loan A (TLA) by the same amount.

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 brand in the DIY market by volume in the United States. The brand operates and franchises more than 1,070 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.