Oryx Midstream sets Friday lender call to launch $1.5 billion loan

By Paul A. Harris

Portland, Ore., Sept. 16 – Oryx Midstream Services Permian Basin LLC plans to host a Friday lender call to launch a $1.5 billion seven-year senior secured term loan B (Ba3/BB-/BB), according to a market source.

Left bookrunner Barclays is the administrative agent. RBC, Goldman Sachs, Truist and Wells Fargo are the joint bookrunners. Stonepeak is the co-manager.

The loan comes with six months of soft call protection at 101.

The deal is secured by a perfected first priority security interest in substantially all of the loan parties' tangible and intangible personal property, with certain exceptions.

The Midland, Tex.-based midstream services provider plans to use the proceeds to effect its refinancing, as well as to fund working capital and for general corporate purposes.

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