By Paul A. Harris
Portland, Ore., Aug. 12 – Murphy Oil Corp. priced an upsized $550 million issue of eight-year senior notes (B1/BBB-/BB+) at par to yield 6 7/8% on Friday, according to market sources.
The issue size was increased from $500 million.
The yield came at the tight end of the 6 7/8% to 7% revised yield talk, according to a trader, who added that earlier talk was in the 7% area.
J.P. Morgan Securities LLC, BofA Merrill Lynch, BNP Paribas Securities Corp., DNB Markets, Scotia Capital, MUFG and Wells Fargo Securities LLC were the joint bookrunners.
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.
| Issuer: | Murphy Oil Corp.
|
| Amount: | $550 million
|
| Maturity: | Aug. 15, 2024
|
| Securities: | Senior notes
|
| Bookrunners: | J.P. Morgan Securities LLC, BofA Merrill Lynch, BNP Paribas Securities Corp., DNB Markets, Scotia Capital, MUFG, Wells Fargo Securities LLC
|
| Coupon: | 6 7/8%
|
| Price: | Par
|
| Yield: | 6 7/8%
|
| Spread: | 548 bps
|
| Call protection: | Three years
|
| Trade date: | Aug. 12
|
| Settlement date: | Aug. 17
|
| Ratings: | Moody's: B1
|
| S&P: BBB-
|
| Fitch: BB+
|
| Distribution: | SEC registered
|
| Price talk: | 6 7/8% to 7%, revised from 7% area
|
| Marketing: | Roadshow
|
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