Murphy Oil tenders for up to $250 million of notes from three series

By Marisa Wong

Los Angeles, Nov. 3 – Murphy Oil Corp. announced it has begun a series of tender offers to purchase for cash up to $250 million aggregate principal amount of its outstanding senior notes from three series, according to a press release.

The company is offering to purchase notes from the following series, listed in order of acceptance priority level:

• $543,249,000 outstanding 5 7/8% senior notes due 2027 (Cusip: 626717AM4), subject to a series sub-cap of $50 million, for a total consideration of $995;

• $250 million outstanding 7.05% senior notes due 2029 (Cusip: 626717AA0), for a total consideration of $1,000;

• $451,934,000 outstanding 6 3/8% senior notes due 2028 (Cusip: 626717AN2), for a total consideration of $1,000; and

• $543,249,000 outstanding 5 7/8% senior notes due 2027 (Cusip: 626717AM4), for a total consideration of $995.

The 2027 notes have acceptance priority levels 1 and 4. The 2027 notes with acceptance priority level 1 are subject to a $50 million sub-cap and may be subject to proration if that sub-cap is exceeded. In the event 2027 notes are tendered and accepted for purchase at both acceptance priority level 1 acceptance priority level 4 and the aggregate principal amount of notes tendered in the offers exceeds the overall offer cap, acceptance for tenders of 2027 notes may be subject to proration such that the aggregate principal amount of notes that are accepted for purchase in the tender offers comes nearest to, but does not exceed, the maximum aggregate cap.

The total considerations listed above are per $1,000 principal amount of notes. The total consideration includes an early tender premium of $50 per $1,000 of notes tendered by the early tender date.

Holders tendering after the early deadline will only be eligible to receive the tender offer consideration, which is the total consideration less the early tender premium.

The company will also pay accrued interest.

The company said it reserves the right to increase or decrease the maximum aggregate cap or the 2027 sub-cap at its discretion at any time without extending or reinstating withdrawal rights.

The early tender date is 5 p.m. ET on Nov. 17, which is also the withdrawal deadline.

Early settlement, if applicable, is expected to be Nov. 22.

The offers will expire at 5 p.m. ET on Dec. 5.

The offers are not conditioned on any minimum amount being tendered but are subject to some other conditions.

J.P. Morgan Securities LLC (866 834-4666 or 212 834-4087) is the dealer manager for the offers.

The tender and information agent is Global Bondholder Services Corp. (855 654-2014 or 212 430-3774; contact@gbsc-usa.com; https://www.gbsc-usa.com/MUR/).

Murphy is an independent oil and natural gas exploration and production company based in Houston.

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