Oryx Midstream wraps $1.84 billion term loan at SOFR plus 300 bps

By Sara Rosenberg

New York, Feb. 1 – Oryx Midstream Services Permian Basin LLC completed its $1,836,886,332 senior secured term loan due Oct. 5, 2028 (Ba3/BB-/BB) at pricing of SOFR+CSA plus 300 basis points with a 0.5% floor and an original issue discount of 99.75, 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.

Barclays is the left lead on the deal.

Allocations went out on Wednesday.

Proceeds will be used to reprice an existing term loan down from SOFR+ARRC CSA plus 325 bps with a 0.5% floor.

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

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