Murphy USA Completes QuickChek Acquisition
EL DORADO, Ark. — Murphy USA Inc.'s convenience store network officially increased by nearly 160 locations.
The El Dorado-based company closed on its $645-million acquisition of QuickChek Corp. The deal for the Whitehouse Station, N.J.-based retailer brings 157 c-stores in the Northeast to Murphy USA's portfolio. In all, Murphy USA's store count now stands at more than 1,650.
"We are extremely excited to welcome nearly 5,000 QuickChek employees to the Murphy USA family as we begin our joint value-creation journey together," said President and CEO Andrew Clyde. "The future remains bright for the combined organization as we kick off the first 100 days of our integration plan where best practices and unique capabilities across each company will contribute to a more compelling value proposition for our customers, our employees, and our stakeholders."
To finance the transaction, Murphy USA secured the following:
- $350-million, five-year revolving credit facility;
- $400-million secured term loan maturing in 2028 and priced at LIBOR plus 1.75 percent; and
- $500 million of 3.750 percent senior unsecured notes maturing in 2031.
These proceeds were used to finance the acquisition, repay and terminate in full the $200-million outstanding under the prior term loan, pay transaction costs and add cash to the balance sheet, according to Murphy USA.
Murphy USA and its team of nearly 15,000 employees serve an estimated 2 million customers each day through its network of retail gas stations and c-stores in 27 states. The majority of Murphy USA's sites are located in close proximity to Walmart stores. The company also markets gasoline and other products at standalone stores under the Murphy Express and QuickChek brands.