Davis Polk is advising Murphy Oil Corporation in connection with the spinoff to its stockholders of Murphy Oil USA, Inc., its U.S. downstream subsidiary, into an independent and separately traded company. Murphy Oil has also authorized a special dividend of $2.50 per share for a total dividend of approximately $500 million and a share buyback program of up to $1 billion. The spinoff of Murphy Oil USA will be subject to customary conditions, including confirmation of the tax-free nature of the transaction and receipt of customary regulatory approvals.

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Davis Polk advised Credit Suisse Securities (USA) LLC and Wells Fargo Securities, LLC as joint book-running managers on an SEC-registered offering of $396.75 million aggregate principal amount of 1.75% convertible senior notes due 2032 of Stillwater Mining Company (which amount includes the full exercise of the over-allotment option).

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Paul Hastings LLP, a leading global law firm, announced today that the firm represented Banco Continental S.A.E.C.A., one of the largest banks in Paraguay, in connection with its issuance of $200 million 8.875% Senior Notes due 2017 pursuant to Rule 144A and Regulation S.

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The Firm recently represented J.P. Morgan Securities, as joint physical bookrunner and joint lead arranger and bookrunner, and JPMorgan Chase Bank, N.A. as administrative agent, in connection with a $1.82 billion senior secured credit facility for iStar Financial, Inc. (“iStar”). Proceeds from the facility were used to refinance iStar’s existing 2011 credit facility.

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The Firm is representing a joint venture between Emeritus Corporation (NYSE:ESC), Blackstone Real Estate Partners VI, an affiliate of The Blackstone Group, and others in connection with a sale of 142 senior housing communities to HCP (NYSE: HCP) and Emeritus for US$1.79 billion. As part of the transaction, Emeritus, the nation’s largest assisted living and memory care operator, will enter into a new triple-net, master lease for the properties acquired by HCP and continue to operate these communities. The portfolio of communities encompasses over 11,000 units in 31 states. The closing of this transaction is subject to regulatory approval and third party consents, as well as other customary closing conditions.

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