Oryx upsizes term B to $1.6 billion, flexes to Libor plus 325 bps

By Sara Rosenberg

New York, Sept. 29 – Oryx Midstream Services Permian Basin LLC raised its seven-year senior secured term loan B to $1.6 billion from $1.5 billion and cut pricing to Libor plus 325 basis points from Libor plus 350 bps, according to a market source.

Also, the original issue discount on the term loan firmed at 99.5, the tight end of the 99 to 99.5 talk, the source said.

The term loan still has a 0.5% Libor floor and 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 continued to be due at 5 p.m. ET on Wednesday, 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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