Oryx Midstream withdraws $1.85 billion term loan from market

By Sara Rosenberg

New York, July 28 – Oryx Midstream Services Permian Basin LLC postponed its roughly $1.85 billion senior secured term loan B due Oct. 5, 2028 (Ba3), according to a market source.

The loan had been talked at SOFR+CSA plus 300 basis points with a 25 bps step-down at 4.5x total net leverage, a 0.5% floor, a par issue price and 101 soft call protection for six months.

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

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

Proceeds were going to 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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