Murphy Oil whispers $500 million eight-year notes with 7¾%-8% yield

By Paul A. Harris

Portland, Ore., Aug. 10 – Murphy Oil Corp. took a place aboard a thin pre-Labor Day new deal calendar as it rolled out a $500 million offering of eight-year senior notes (//BB+) on Wednesday, according to market sources.

The public offering, with initial yield guidance of 7¾% to 8%, is expected to price early in the week ahead.

J.P. Morgan Securities LLC is the lead bookrunner.

The notes come with three years of call protection.

The El Dorado, Ark.-based independent oil and natural gas exploration and production company plans to use the proceeds for general corporate purposes, which may include the repayment, repurchase or redemption of its 2½% notes due 2017.

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