Murphy Oil enters new $1.2B revolver and announces $520.6M early tender of senior notes

MURPHY OIL CORP

New $1.2B senior unsecured revolver matures Oct 2029; covenants: leverage ≤3.25x, interest coverage ≥2.50x pre-investment grade.
Early tender results: $258.4M of 5.875% notes due 2027 (62% tendered), $62.1M of 7.050% notes due 2029 (34.6%), $200.2M of 6.375% notes due 2028 (57.4%).
Company expects to fund purchases with new 6.000% Senior Notes due 2032 offering and available cash.
Early settlement on Oct 7, 2024; tender offers expire Oct 18, 2024.
Tender offers conditional on $600M debt financing; company expects closing to occur on Oct 7.

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