Murphy Oil Corporation: Pricing Term Sheet $550,000,000 6.875% Notes Due 2024

Source Press Release
Company Murphy Oil Corporation 
Tags Debt Financing, Financing
Date August 12, 2016

This Pricing Term Sheet dated August 12, 2016 to the Preliminary Prospectus Supplement (the “Preliminary Prospectus Supplement”) dated August 10, 2016 of Murphy Oil Corporation is qualified in its entirety by reference to the Preliminary Prospectus Supplement. The information in this Pricing Term Sheet supplements the Preliminary Prospectus Supplement and supersedes the information in the Preliminary Prospectus Supplement to the extent it is inconsistent with the information in the Preliminary Prospectus Supplement. Capitalized terms used in this Pricing Term Sheet but not defined have the meanings given them in the Preliminary Prospectus Supplement.

Issuer:    Murphy Oil Corporation 
Ratings: (Moody’s / S&P / Fitch)*:    B1 / BBB- / BB+ 
Ratings Outlooks: (Moody’s / S&P / Fitch)*:    Stable / Stable / Negative 
Security Type:    Senior Unsecured Notes 
Pricing Date:    August 12, 2016 
Settlement Date:    August 17, 2016 (T+3) 
Maturity Date:    August 15, 2024 
Interest Payment Dates:    February 15 and August 15, beginning February 15, 2017 
Record Dates:    February 1 and August 1 
Principal Amount:    $550,000,000 (represents increase of $50,000,000 from the amount in the Preliminary Prospectus Supplement; additional proceeds will be used as described in the “Use of Proceeds” section of the Preliminary Prospectus Supplement) 
Benchmark:    UST 2.375% due August 15, 2024 
Spread to Benchmark:    + 548 bps 
Yield to Maturity:    6.875% 
Coupon:    6.875% 
Public Offering Price:    100.000%, plus accrued interest from August 17, 2016 
Optional Redemption:    Make-whole redemption at Treasury Rate + 50 basis points prior to August 15, 2019 On or after August 15, 2019, at the redemption prices set forth below (expressed in percentages of principal amount on the redemption date), plus accrued and unpaid interest on the principal amount of the notes being redeemed to, but not including, the redemption date during the twelve-month period beginning on August 15 of the years indicated below:  
    Period    Redemption Price 
    2019    105.156% 
    2020    103.438% 
    2021    101.719% 
    2022 and thereafter    100.000% 
Denominations:    $2,000 and integral multiples of $1,000 in excess thereof 
CUSIP / ISIN:    626717 AH5 / US626717AH56 
Joint Physical Book-Running Managers:    J.P. Morgan Securities LLC Merrill Lynch, Pierce, Fenner & Smith Incorporated 
Joint Book-Running Managers:    BNP Paribas Securities Corp. DNB Markets, Inc. Scotia Capital (USA) Inc. MUFG Securities Americas Inc. Wells Fargo Securities, LLC Goldman, Sachs & Co. 
Co-Managers:    Regions Securities LLC Capital One Securities, Inc. 

*Note: A securities rating is not a recommendation to buy, sell or hold securities and may be subject to revision or withdrawal at any time.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd