Murphy USA Inc. (NYSE: MUSA) announced a planned private offering of $500 million in senior notes due 2034 through its subsidiary Murphy Oil USA, Inc., subject to market and other conditions.

The company intends to use proceeds to redeem $300 million of existing 5.625% senior notes due 2027, repay outstanding borrowings under its revolving credit facility, cover related fees and expenses, and fund general corporate purposes with any remaining proceeds.

The notes will be guaranteed on a senior unsecured basis by Murphy USA and certain domestic subsidiaries. The offering will be limited to qualified institutional buyers under Rule 144A and certain non-U.S. persons in compliance with Regulation S, as the notes will not be registered under the Securities Act of 1933.

Murphy USA operates more than 1,800 retail gasoline and convenience stores across 27 states, primarily in the Southwest, Southeast, Midwest and Northeast regions. The majority of locations are positioned near Walmart Supercenters, while the company also operates standalone stores under the Murphy USA, Murphy Express, and QuickChek brands.

The company employs approximately 16,900 people and serves an estimated two million customers daily. Murphy USA ranks 231 among Fortune 500 companies, according to the press release statement.