Murphy Oil sets price talk for $500 million 10-year notes at 6%-6¼%

By Aleesia Forni

Virginia Beach, Va., Aug. 8 - Murphy Oil USA, Inc. set price talk on Thursday for its $500 million offering of 10-year senior notes (expected Ba3/BB-) with a yield of 6% to 6¼%, according to a market source.

Books were scheduled to close at 5 p.m. ET on Thursday, and the issue was expected to price on Friday.

The Rule 144A and Regulation S with registration rights notes will be non-callable for five years.

Proceeds from the offering will be used to fund a dividend to Murphy Oil Corp.

J.P. Morgan Securities LLC and Stephens are the joint bookrunners.

RBC Capital Markets, Regions, Wells Fargo Securities, UBS, BTMU, Fifth Third, Capital One, Comerica and PNC are the co-managers.

The oil and gas exploration and production company is based in El Dorado, Ark.

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