Oryx Midstream to launch $1.84 billion term loan on Thursday

By Sara Rosenberg

New York, Jan. 24 – Oryx Midstream Services Permian Basin LLC will hold a lender call at 9:30 a.m. ET on Thursday to launch a $1.837 billion senior secured term loan due Oct. 5, 2028, according to a market source.

Barclays is the left lead on the deal.

Price talk on the term loan is SOFR+CSA plus 300 basis points with a 0.5% floor and an original issue discount of 99.75, the source said.

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.

Also included in the term loan is an excess cash flow sweep of 75% at more than 5x first-lien net leverage, 50% at more than 4.5x first-lien net leverage and 0% at 4.5x or less first-lien net leverage.

Commitments are due at 5 p.m. ET on Tuesday, the source added.

Proceeds will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 325 bps with a 0.5% floor and amend the excess cash flow sweep.

The excess cash flow sweep in the existing term loan is 50% at more than 4.25x first-lien net leverage, 25% at more than 3.75x first-lien net leverage and 0% at 3.75x or less first-lien net leverage.

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

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