Murphy Oil Announces Early Results of Cash Tender Offers for Outstanding Debt Securities

Source: www.gulfoilandgas.com 8/15/2022, Location: North America

Murphy Oil Corporation announced the early tender results of its previously announced series of tender offers (the “Tender Offers”) to purchase for cash certain of its outstanding series of senior notes listed in the table below (collectively, the “Notes”) for an aggregate purchase price, excluding accrued and unpaid interest, of up to $200,000,000 (the “Maximum Aggregate Cap”). The Tender Offers are being made pursuant to the terms and conditions set forth in the Offer to Purchase, dated August 1, 2022 (the “Offer to Purchase”). The Company refers investors to the Offer to Purchase for the complete terms and conditions of the Tender Offers.

As of 5:00 p.m., New York City time, on August 12, 2022 (such date and time, the “Early Tender Date”), according to information provided to Global Bondholder Services Corporation, the tender and information agent for the Tender Offers, the aggregate principal amount of each series of Notes listed in the table below has been validly tendered and not validly withdrawn in each Tender Offer. Withdrawal rights for the Notes expired at 5:00 p.m., New York City time, on the Early Tender Date.

All conditions were satisfied or waived by the Company at the Early Tender Date. The Company has elected to exercise its right to make payment for Notes that were validly tendered at or prior to the Early Tender Date and that are accepted for purchase on August 16, 2022 (the “Early Settlement Date”). The Company intends to fund the purchase of validly tendered and accepted Notes on the Early Settlement Date with available cash on hand.

As the aggregate purchase price of Notes validly tendered and not validly withdrawn at or prior to the Early Tender Date exceeded the Maximum Aggregate Cap, no Notes tendered after the Early Tender Date will be accepted for purchase. As described in the Offer to Purchase, Notes validly tendered and not validly withdrawn on or prior to the Early Tender Date will be accepted based on the acceptance priority levels, and with respect to the 2025 Notes, the 2025 Maximum SubCap, noted in the table above.

As the aggregate principal amount of 2025 Notes validly tendered and not validly withdrawn exceeds the 2025 Maximum SubCap, the 2025 Notes will be accepted on a pro rata basis and will be subject to a proration factor of approximately 61.6%. As the aggregate purchase price of the 2025 Notes and the 6.375% Senior Notes due 2028 (the “2028 Notes”) validly tendered and not validly withdrawn exceeds the Maximum Aggregate Cap, no validly tendered 5.875% Senior Notes due 2027 will be accepted for purchase, and the 2028 Notes will be accepted on a pro rata basis and will be subject to a proration factor of approximately 93.3%. Notes tendered and not purchased on the Early Settlement Date will be returned to holders promptly after the Early Settlement Date. The consideration to be paid for the Notes validly tendered and not validly withdrawn per $1,000 principal amount of such Notes validly tendered and accepted for purchase pursuant to the applicable Tender Offer is the amount set forth in the table above under the heading “Total Consideration.” The amounts set forth in the table above under “Total Consideration” include an early tender premium of $50 per $1,000 principal amount of Notes accepted for purchase (the “Early Tender Premium”). Each holder who validly tendered and did not validly withdraw its Notes at or prior to the Early Tender Date and whose Notes are accepted for purchase will be entitled to receive the applicable “Total Consideration” set forth in the table above under the heading “Total Consideration,” which includes the Early Tender Premium. All holders of Notes accepted for purchase will also receive accrued interest from, and including, the most recent applicable interest payment date preceding the Early Settlement Date to, but not including, the Early Settlement Date, if and when such Notes are accepted for payment.


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