Oryx Midstream changes $300 million term loan B OID to 99.25

By Sara Rosenberg

New York, Jan. 27 – Oryx Midstream Services Permian Basin LLC revised the original issue discount talk on its $300 million incremental term loan B due Oct. 5, 2028 (Ba3/BB-/BB) to a range of 99 to 99.5 from a range of 98 to 98.5 and then finalized the discount at 99.25, according to a market source.

Also, CSA on the incremental term loan was changed to 11.448 basis points one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate from a flat 10 bps, and the debt was revised to fungible from non-fungible, the source said.

Furthermore, the 101 soft call protection for six months is now applicable to the existing term loan B in addition to the incremental term loan, as opposed to only being applicable to the incremental term loan.

Pricing on the incremental term loan remained at SOFR plus 325 bps with a 0.5% floor.

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

Final commitments were scheduled to be 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.

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