S&P rates Oryx term loan BB-

S&P said it assigned a BB- issuer credit rating to Oryx Midstream Services Permian Basin LLC. The outlook is stable.

At the same time, S&P assigned a BB- issue-level rating and 3 recovery rating to the company's new senior secured term loan B. The 3 recovery rating indicates an expectation of meaningful (50%-70%; rounded estimate: 60%) recovery in the event of a payment default.

Oryx Midstream Services Permian Basin, an affiliate of Stonepeak Infrastructure Partners, is issuing a $50 million revolving credit facility due in 2026 and $1.5 billion term loan B due in 2028. The company will use the proceeds to refinance the capital structure of Oryx Midstream LLC as a part of the merger agreement between Oryx Midstream Holdings LLC and Plains All American Pipeline LP.

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