Oryx launches $800 million term loan at Libor plus 325 bps

By Sara Rosenberg

New York, Feb. 12 – Oryx Southern Delaware Holdings LLC launched on Monday its $800 million seven-year first-lien term loan (B2) with price talk of Libor plus 325 basis points with a 1% Libor floor and an original issue discount of 99.5, according to a market source.

The term loan has 101 soft call protection for six months and a debt service coverage ratio covenant.

The company’s $840 million of credit facilities also include a $40 million super priority revolver.

Jefferies LLC and Citigroup Global Markets Inc. are the arrangers on the deal.

Commitments are due on Feb. 26, the source added.

Proceeds will be used to repay $90 million of outstanding bank debt and to fund a distribution to the company’s current owners.

Oryx is an oil gathering and transportation business in the Delaware Basin.

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