Murphy Oil USA’s High‑Yield Senior Notes Offering and Credit Facilities

Cravath represented the initial purchasers, led by RBC Capital Markets, J.P. Morgan Securities, BofA Securities, Regions Securities LLC, Wells Fargo Securities, Fifth Third Securities and Truist Securities, in connection with the $500 million 144A/Reg. S high‑yield senior notes offering of Murphy Oil USA, Inc., a wholly owned subsidiary of Murphy USA Inc. Murphy USA is an operator of fuel retail stores and gas stations in the United States. Cravath also represented RBC Capital Markets in connection with the arrangement of $750 million of credit facilities made available to Murphy Oil USA. The facilities consisted of a $400 million term loan facility and a $350 million revolving credit facility. Proceeds from this offering and financing were used to fund the acquisition of QuickChek Corporation and refinance existing indebtedness. The transactions closed on January 29, 2021.

The Cravath team included partners William V. Fogg and Michael E. Mariani and associates Parth S. Baxi and Zoe E. Egelman on capital markets matters, partner Stephen M. Kessing, senior attorney Sarah F. Rosen and associate Maria Ricaurte on banking matters, and associate Luis Calderon‑Gomez on tax matters. Callum A.F. Sproule also worked on capital markets matters, Joanna N. Melnick also worked on banking matters, and Alissa B. Fromkin and Sonia Katharani‑Khan also worked on tax matters.