We advised Murphy on a $500 million high-yield notes offering and $750 million in credit facilities

Davis Polk advised Murphy USA Inc. in connection with a Rule 144A / Regulation S offering of $500 million aggregate principal amount of 3.750% senior notes due 2031. The notes were issued by Murphy USA’s wholly owned subsidiary, Murphy Oil USA, Inc., and are guaranteed by Murphy USA and by certain of Murphy USA’s domestic subsidiaries. 

Concurrently with the notes offering, Davis Polk advised Murphy USA in connection with $400 million term loan credit facility and $350 million revolving credit facility among Murphy USA, Murphy Oil USA, Inc., as the borrower, certain subsidiary guarantors, the administrative agent with respect to the term loan credit facility, the administrative agent with respect to the revolving credit facility and the collateral agent.

Murphy USA intends to use the net proceeds from the notes offering and new credit facilities (i) to finance a portion of the cash consideration payable in connection with its acquisition of Quick Check Corporation (including associated fees and expenses), (ii) to repay and/or refinance its existing credit facilities and (iii) for general corporate purposes.

Based in El Dorado, Arkansas, Murphy USA is a leading retailer of gasoline and convenience merchandise with more than 1,500 stations located primarily in the Southwest, Southeast and Midwest United States. The company and its team of nearly 10,000 employees serve an estimated 1.7 million customers each day through its network of retail gasoline stations in 25 states

The Davis Polk capital markets team included partner Joseph A. Hall and associates John H. Runne and Stephen H. Karp. The finance team included partner Joseph P. Hadley, counsel Sanders Witkow and associate William Son. Counsel Ethan R. Goldman and associates Joshua J. Micelotta and Liang Zhang provided tax advice. All members of the Davis Polk team are based in the New York office.