Davis Polk Advises Murphy USA on Its $500 Million Notes Offering and Tender Offer

Davis Polk advised Murphy USA Inc. in connection with an SEC-registered offering of $500 million aggregate principal amount of 4.750% senior notes due 2029 and a tender offer for any and all of its 6.000% senior notes due 2023. The 2029 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. Murphy USA used the net proceeds from the 2029 notes offering, plus cash on hand, to repurchase and redeem the 2023 notes pursuant to the tender offer and a notice of redemption.

Based in El Dorado, Arkansas, Murphy USA is a leading retailer of gasoline and convenience merchandise with more than 1,473 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 26 states.

The Davis Polk capital markets team included partners Joseph A. Hall and Yasin Keshvargar and associates John H. Runne and Angela E. Park. Partner William A. Curran and associates Joshua J. Micelotta and Christina L. Tacoronti provided tax advice. Associate Sijia Cai provided 1940 Act advice. All members of the Davis Polk team are based in the New York office.