Murphy Oil driving by with $550 million long seven-year senior notes; initial talk high 6% area

By Paul A. Harris

Portland, Ore., March 2 – Murphy Oil Corp. plans to price a $550 million public offering of senior notes due July 15, 2028 in a Tuesday drive-by following a conference call with investors, according to market sources.

Initial talk has the long seven-year notes coming to yield in the high 6% area, a trader said.

BofA Securities Inc. is the left bookrunner. J.P. Morgan Securities LLC, MUFG, Scotia Capital (USA) Inc., Wells Fargo Securities LLC, Deutsche Bank Securities Inc. and Regions Securities LLC are the joint bookrunners.

Capital One Securities Inc., HSBC Securities (USA) Inc., SMBC Nikko Securities America Inc., SG Americas Securities LLC, Standard Chartered Bank and BMO Capital Markets Corp. are the co-managers.

The notes become callable after July 2024 at par plus 50% of coupon.

The Houston-based oil and gas exploration and production company plans to use the proceeds plus cash on hand and borrowings under its revolver, in any combination thereof, to redeem its 4% senior notes due 2022 and its 3.7% senior notes due 2022.

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