Murphy Oil Corporation: Pricing Term Sheet

Source Press Release
Company Murphy Oil Corporation 
Tags Debt Financing, Financing
Date November 13, 2019

     
Issuer:    Murphy Oil Corporation (the “Company”) 
   
Expected Ratings*:    Ba2 (Moody’s) / BB+ (S&P) / BB+ (Fitch) 
   
Security Type:    Senior Unsecured Notes 
   
Format:    SEC-registered 
   
Pricing Date:    November 13, 2019 
   
Settlement Date**:    November 27, 2019 (T+10) 
   
Maturity Date:    December 1, 2027 
   
Interest Payment Dates:    Semi-annually in arrears on June 1 and December 1 of each year, beginning June 1, 2020 
   
Record Dates:    May 15 and November 15 
   
Principal Amount:    $550,000,000 
   
Benchmark:    UST 2.25% due November 15, 2027 
   
Spread to Benchmark:    +406 bps 
   
Yield to Maturity:    5.875% 
   
Coupon:    5.875% 
   
Public Offering Price:    100.000%, plus accrued interest from November 27, 2019 
   
Optional Redemption:    Make-whole redemption, in whole or in part, at the Company’s option, at Treasury Rate + 50 basis points prior to December 1, 2022, plus accrued and unpaid interest on the principal amount of the notes being redeemed to, but not including, the redemption date On or after December 1, 2022, in whole or in part, at the Company’s option, at the redemption prices set forth below (expressed in percentages of principal amount of the notes being redeemed 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 December 1 of the years indicated below: 

         
Period    Redemption Price   
2022      102.938  %  
2023      101.958  %  
2024      100.979  %  
2025 and thereafter      100.000  %  
     
Repurchase Upon a Change of Control Triggering Event:    If a change of control triggering event (as defined in the Preliminary Prospectus Supplement) occurs, the Company must offer to repurchase the notes at a purchase price equal to 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of repurchase 
   
Use of Proceeds***:    The Company intends to use the net proceeds from the offering of the notes, together with cash on hand, to fund the Tender Offers and any related premiums, penalties, fees and expenses in connection with the foregoing. 
   
Denominations:    $2,000 and integral multiples of $1,000 in excess thereof 
   
CUSIP / ISIN:    626717 AM4 / US626717AM42 
   
Joint Physical Book-Running Managers:    J.P. Morgan Securities LLC BofA Securities, Inc. MUFG Securities Americas Inc. 
   
Joint Book-Running Managers:    DNB Markets, Inc. Regions Securities LLC Scotia Capital (USA) Inc. Wells Fargo Securities, LLC 
   
Co-Managers:    BMO Capital Markets Corp. Capital One Securities, Inc. HSBC Securities (USA) Inc. SMBC Nikko Securities America, Inc. Hancock Whitney Investment Services, Inc. SG Americas Securities, LLC Standard Chartered Bank 

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