Oryx Midstream launches $1.5 billion term B at Libor plus 350 bps

By Sara Rosenberg

New York, Sept. 17 – Oryx Midstream Services Permian Basin LLC launched on Friday its $1.5 billion seven-year senior secured term loan B (Ba3/BB-/BB) with price talk of Libor plus 350 basis points with a 0.5% Libor floor and an original issue discount of 99 to 99.5, according to a market source.

The term loan has 101 soft call protection for six months.

Security is a perfected first priority security interest in substantially all of the loan parties’ tangible and intangible personal property now owned or hereafter acquired with certain exceptions.

Barclays, RBC Capital Markets, Goldman Sachs Bank USA, Truist and Wells Fargo Securities LLC are the joint bookrunners on the deal. Stonepeak is a co-manager. Barclays is the administrative agent.

Commitments are due at 5 p.m. ET on Sept. 29, the source added.

Proceeds will be used to refinance existing debt, and fund working capital needs and other general corporate purposes.

Oryx Midstream is a Midland, Tex.-based midstream crude operator in the Permian Basin.

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