Moody’s assigns Ba3, Ba1 to Oryx loans

Moody's Investors Service said it assigned a Ba3 rating to Oryx Midstream Services Permian Basin LLC's new $1.84 billion senior secured term loan due 2028 and a Ba1 rating to its new $50 million senior secured super-priority revolving credit facility expiring in 2026.

Moody's said it plans to withdraw ratings on Oryx's existing term loan and $50 million super-priority revolver following their extinguishment. The company’s Ba3 corporate family rating is unchanged.

“The term loan is rated Ba3, the same as the CFR because of the small size of the revolver relative to the term loan. The $50 million revolver is rated Ba1, reflective of its super-senior priority to the company's assets over the term loan,” the agency said in a press release.

The outlook is stable.

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