Rule 144A

Valvoline Inc. priced an upsized $600 million offering of 6.125% Senior Notes due 2034. The offering, which aims to enhance financial flexibility and strengthen its debt profile, will be used to repay its Term Loan A facility and partially repay its Term Loan B facility. The company also amended its revolving credit facility, increasing capacity and extending maturity. The Notes are offered to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

Carpenter Technology (NYSE: CRS) plans a private placement of $700 million in senior notes due 2034, targeting qualified institutional buyers and select non-U.S. investors. Net proceeds, combined with cash, will redeem 6.375% notes due 2028 and repay 7.625% notes due 2030, with remaining funds for general corporate purposes. The offering is subject to market conditions. The notes are not registered under the Securities Act. This announcement is not a redemption notice.