By Paul A. Harris
Portland, Ore., April 20 – Murphy Oil USA, Inc., a wholly owned subsidiary of Murphy USA, priced a $300 million issue of 10-year senior notes (Ba2/BB+) at par to yield 5 5/8% on Thursday, according to a market source.
The yield came tight to the 5¾% yield talk and well inside of the 6% to 6¼% initial guidance.
J.P. Morgan Securities LLC and Stephens Inc. were the joint bookrunners for the public offering.
El Dorado, Ark.-based filling station and convenience store chain plans to use $250 million of the proceeds for general corporate purposes, with the remainder to be used to pay down its senior credit facilities.
| Issuer: | Murphy Oil USA, Inc.
|
| Amount: | $300 million
|
| Tenor: | 10 years
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, Stephens Inc.
|
| Coupon: | 5 5/8%
|
| Price: | Par
|
| Yield: | 5 5/8%
|
| Call protection: | Five years
|
| Trade date: | April 20
|
| Ratings: | Moody's: Ba2
|
| S&P: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 5¾%
|
| Marketing: | Quick to market
|
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