Murphy Oil amends revolving credit facility, extends maturity to 2021

By Sarah Lizee

Olympia, Wash., Nov. 21 – Murphy Oil Corp. entered into a third amendment to its revolving credit agreement dated Aug. 10, 2016 to extend the maturity to Aug. 17, 2021, according to an 8-K filed with the Securities and Exchange Commission on Friday.

Additionally, the amendment reduces the facility fee on revolving commitments and the interest margin on revolving loans.

The facility fee now ranges from 30 basis points to 50 bps, depending on leverage, and the interest rate can vary from Libor plus 200 bps to Libor plus 375 bps, also depending on leverage.

Also under the amendment, Murphy Oil increased the limit on its total leverage ratio under the financial covenants to 4 times from 3.75 times.

JPMorgan Chase Bank, NA is the administrative agent.

Murphy is an oil and gas exploration and production company based in El Dorado, Ark.

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