Murphy USA Inc. has completed its acquisition of Whitehouse Station, N.J.-based QuickChek, officially increasing its store count by 157 stores in the Northeast and growing its total station count to more than 1,650 locations.
“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 Murphy USA 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.”
Financing Highlights
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%
$500 million of 3.750% 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.
Murphy USA is located primarily in the Southwest, Southeast, Midwest, and Northeast United States. The company and its team of nearly 15,000 employees serve an estimated 2.0 million customers each day through its network of retail gasoline and convenience stations 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. Murphy USA ranks 262 among Fortune 500 companies.
