Oryx Midstream launches $1.85 billion term loan at SOFR plus 300 bps

By Sara Rosenberg

New York, July 24 – Oryx Midstream Services Permian Basin LLC was set to hold a lender call at 2 p.m. ET on Monday to launch a roughly $1.85 billion senior secured term loan B due Oct. 5, 2028 that is talked at SOFR+CSA plus 300 basis points with a 25 bps step-down at 4.5x total net leverage, a 0.5% floor and a par issue price, according to a market source.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

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

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

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

Proceeds will be used to reprice an existing senior secured term loan B due Oct. 5, 2028 down from SOFR+ARRC CSA plus 325 bps with a 0.5% floor.

Stonepeak Partners is the sponsor.

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

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