Oryx Midstream launches $300 million term loan B at SOFR plus 325 bps

By Sara Rosenberg

New York, Jan. 24 – Oryx Midstream Services Permian Basin LLC launched on Tuesday its $300 million incremental term loan B due Oct. 5, 2028 (Ba3/BB-/BB) with price talk of SOFR+10 basis points CSA plus 325 bps with a 0.5% floor and an original issue discount of 98 to 98.5, according to a market source.

The incremental term loan has 101 soft call protection for six months, the source said.

Barclays is the left bookrunner on the deal and the administrative agent.

Commitments are due at noon ET on Friday, the source added.

Proceeds will be used to fund a dividend to the sponsor, recapitalize the company’s balance sheet, and pay associated fees and expenses.

Stonepeak Partners is the sponsor.

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

© 2015 Prospect News.
All content on this website is protected by copyright law in the U.S. and elsewhere. For the use of the person downloading only.
Redistribution and copying are prohibited by law without written permission in advance from Prospect News.
Redistribution or copying includes e-mailing, printing multiple copies or any other form of reproduction.