Debt

3 Months Ended

Dec. 31, 2023

Debt Disclosure [Abstract]

Debt

DEBT

The following table summarizes Valvoline’s total debt as of:

(In millions)	December 31 2023		September 30 2023
2031 Notes	$	535.0	$	535.0
2030 Notes	600.0		600.0
Term Loan	457.2		463.1
Revolver (a)	—		—
Debt issuance costs and discounts	(11.6)		(12.0)
Total debt	1,580.6		1,586.1
Current portion of long-term debt	23.8		23.8
Long-term debt	$	1,556.8	$	1,562.3

(a)As of December 31, 2023, the total borrowing capacity remaining under the $475.0 million revolving credit facility was $471.6 million due to a reduction of $3.4 million for letters of credit outstanding.

As of December 31, 2023, Valvoline was in compliance with all covenants under its long-term borrowings.