Published on 8/4/2017 in the Prospect News High Yield Daily.
New Issue: Murphy Oil prices $550 million eight-year notes at par to yield 5¾%
By Paul A. Harris
Portland, Ore., Aug. 4 – Murphy Oil Corp. priced a $550 million issue of eight-year senior notes (Ba3//BB) at par to yield 5¾% on Friday, according to a market source.
The yield printed on top of yield talk in the 5¾% area.
J.P. Morgan Securities LLC and BofA Merrill Lynch were the joint physical bookrunners for the public offering.
BNP Paribas Securities Corp., DNB Markets, Scotia Capital, MUFG, Wells Fargo Securities LLC and Goldman Sachs & Co. LLC were the joint bookrunners.
The El Dorado, Ariz.-based independent oil and natural gas exploration and production company plans to use the proceeds to redeem its 2½% notes due December 2017.
| Issuer: | Murphy Oil Corp.
|
| Amount: | $550 million
|
| Maturity: | Aug. 15, 2025
|
| Securities: | Senior notes
|
| Joint physical bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch
|
| Joint bookrunners: | BNP Paribas Securities Corp., DNB Markets, Scotia Capital, MUFG, Wells Fargo Securities LLC, Goldman Sachs & Co. LLC
|
| Co-managers: | Regions Securities LLC, Capital One Securities
|
| Coupon: | 5¾%
|
| Price: | Par
|
| Yield: | 5¾%
|
| Spread: | 358 bps
|
| Call: | Make-whole call at Treasuries plus 50 bps until Aug. 15, 2020, then callable at 104.313
|
| Trade date: | Aug. 4
|
| Settlement date: | Aug. 15
|
| Ratings: | Moody's: Ba3
|
| Fitch: BB
|
| Distribution: | SEC registered
|
| Price talk: | 5¾% area
|
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