Item 8.01 Other Events

Source Press Release
Company Murphy Oil Corporation 
Tags Debt Financing, Financing
Date November 27, 2019

On November 27, 2019, Murphy Oil Corporation (the “Company”) closed its previously announced offering of $550,000,000 aggregate principal amount of 5.875% Notes due 2027 (the “Notes”). The Notes were offered and sold pursuant to a terms agreement (the “Terms Agreement”) dated November 13, 2019 (incorporating the Underwriting Agreement Standard Provisions dated November 13, 2019) with J.P. Morgan Securities LLC, as representative of the several underwriters named therein (the “Underwriters”), under the Company’s automatic shelf registration statement (the “Registration Statement”) on Form S-3 (File No. 333-227875), including a prospectus dated October 17, 2018 and a prospectus supplement dated November 13, 2019. The Terms Agreement contains customary representations, warranties and covenants of the Company, conditions to closing, indemnification obligations of the Company and the Underwriters, and termination and other customary provisions.

The Notes were issued under an indenture dated May 18, 2012 (the “Base Indenture”) between the Company and U.S. Bank National Association, as original trustee (the “Original Trustee”), as supplemented by the fifth supplemental indenture dated November 27, 2019 (the “Supplemental Indenture,” and together with the Base Indenture, the “Indenture”) among the Company, the Original Trustee and Wells Fargo Bank, National Association, as series trustee.

The Notes bear interest at the rate of 5.875% per annum. Interest is payable on June 1 and December 1 of each year, beginning June 1, 2020. The Notes will mature on December 1, 2027. The Company may redeem the Notes, in whole or in part, at any time at the applicable redemption prices, as set forth in the Indenture. In addition, the Indenture contains restrictions on the ability of the Company and its subsidiaries to incur liens, enter into sale and leaseback transactions and merge, consolidate or sell or convey all or substantially all of the Company’s assets, as well as restrictions on the ability of the Company’s subsidiaries to incur indebtedness.

Using a portion of the net proceeds from the offering of the Notes, the Company repurchased and cancelled $233,494,000.00 aggregate principal amount of its 4.000% Senior Notes due 2022 and $273,027,000.00 aggregate principal amount of its 3.700% Senior Notes due 2022 (collectively, the “2022 Notes”) in connection with the early settlement of its previously announced cash tender offers to purchase up to $550,000,000 aggregate principal amount of its outstanding 2022 Notes. This Current Report on Form 8-K is neither an offer to purchase nor the solicitation of an offer to sell the Notes or the 2022 Notes.

Source: EvaluateEnergy® ©2020 EvaluateEnergy Ltd