Marathon Oil offers senior notes due 2029, 2034 via five bookrunners

By Mary-Katherine Stinson

Lexington, Ky., March 26 – Marathon Oil Corp. is in the market with a two-tranche offering of senior notes due 2029 and 2034, according to a 424B2 filing with the Securities and Exchange Commission.

The notes feature a make-whole call followed by a par call one month prior to maturity in the case of the 2029 notes and three months prior to maturity for the 2034 notes.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC, Mizuho Securities USA LLC, MUFG Securities Americas Inc. and SMBC Nikko Securities America, Inc. are the joint bookrunning managers.

Bank of New York Mellon Trust Co., NA is the trustee.

Kirkland & Ellis LLP is legal counsel for Marathon, while Cravath, Swaine & Moore LLP will represent the underwriters.

Proceeds will be used to repay $1.2 billion of outstanding borrowings under Marathon’s term loan facility and, following that, for general corporate purposes. The term loan matures on Dec. 27, 2024 and bears interest at a floating rate, which was approximately 7.21% as of Dec. 31.

The energy company is based in Houston.

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