Murphy Oil to issue $500M in bonds
Murphy Oil plans to issue $500 million in senior unsecured notes that will mature in 2024 and enter into a $1.2 billion revolving line of credit, the El Dorado oil and natural gas exploration and production company said Wednesday.
Murphy plans to use the $500 million for "general corporate purposes," including the possible repayment or repurchase of its 2.5 percent notes due next year.
Moody's Investor Service assigned a B1 rating to the $500 million in bonds, consistent with Murphy's existing unsecured debt rating.
The $1.2 billion line of credit comes from banks already working with Murphy and from other new lenders. It expires in August 2019.
The line of credit gives the company "ample liquidity for our long-term strategy," Roger Jenkins, Murphy's chief executive officer, said in a prepared statement.
-- David Smith
Windstream spinoff to release 2Q results
Communications Sales & Leasing, a real-estate investment trust that spun off from Windstream last year, will release its second-quarter financial results before the market opens today. A conference call to discuss the earnings will take place at 10 a.m.
Preceding the release of its earnings, the company's board of directors declared a 60 cents per share quarterly cash dividend. The company also elected Andrew Frey to the board of directors, increasing the size of the company's board from five to six members.
The average of three analyst estimates predicted earnings of 65 cents per share and a profit of $189.04 million. In the second quarter last year Communications Sales & Leasing missed analyst estimates by 6 cents per share.
The earnings call can be accessed by calling (844) 513-7153. The conference ID is 47125498.
Arkansas Index dips 1.10; 14 stocks slip
The Arkansas Index, a price-weighted index that tracks the largest public companies based in the state, fell 1.10 to 337.73 Wednesday.
The Arkansas Index moved lower as 14 stocks declined and 4 stocks advanced.
"U.S. stocks ended lower on Wednesday retreating from record levels after a pullback in crude oil weighed on markets," said John Blackwell, managing director of equity trading at Stephens Inc.
Total volume for the index was 17.6 million shares.
The index was developed by Bloomberg News and the Democrat-Gazette with a base value of 100 as of Dec. 30, 1997.
Business on 08/11/2016