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. Ashland Inc. Updated offer on the proposed separation of Valvoline - Ashland subsidiary valvoline finco one llc enters into a late subscription agreement for the new foreign banking facilities - credit contract including a revolving credit facility of $450 million senior to five years, Five-year loan of $875 million - Valvoline delayed loan contract will be available for loans when Valvoline is transferred to Valvoline Inc. - Ashland Inc. Announcement of a Change to its Principal Unsecured Credit Agreement Valvoline`s late underwriting credit agreement provides $1.325 billion in financing, consisting of a five-year revolving credit facility for priority priority loans totalling $450 million, capped at $100 million, and a guaranteed priority loan for a total of $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.
Forward-Looking States This press release contains forward-looking statements. Ashland identified some of these forward-looking statements with words such as "foreshadows," "thinks," "expected," "expected," "probable," "forecasts," "forecasts," "forecasts," "objectives," "may," "should," "plans" and "intentions" and the negative of those words or comparable terminology.