Murphy Oil to price $550 million eight-year notes on Wednesday; initial talk 6%-6¼%

By Paul A. Harris

Portland, Ore., Nov. 13 – Murphy Oil Corp. plans to price $550 million of eight-year senior notes (existing ratings Ba2/BB+) in a Wednesday drive-by following a late-morning conference call with investors, according to market sources and a 424B5 filing with the Securities and Exchange Commission.

Initial talk has the public deal coming to yield in the 6% to 6¼% area, a trader said.

J.P. Morgan Securities LLC, BofA Securities Inc. and MUFG are joint physical bookrunners and are joint book-running managers with DNB Markets, Regions Securities LLC, Scotia Capital (USA) Inc. and Wells Fargo Securities LLC.

BMO Capital Markets Corp., Capital One Securities, Hancock Whitney Investment Services, Inc., HSBC Securities (USA) Inc., SMBC Nikko Securities America Inc. and SG Americas Securities LLC are the co-managers.

The notes come with three years of call protection.

The El Dorado, Ark.-based oil and gas exploration and production company plans to use the proceeds to fund cash tender offers for up to $550 million of the company’s 4% senior notes due 2022 and 3.7% senior notes due 2022.

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.