Oryx to launch up to $1.65 billion credit facilities on Tuesday

By Sara Rosenberg

New York, April 29 – Oryx Midstream Services (Lower Cadence Holdings LLC) is scheduled to hold a bank meeting on Tuesday to launch up to $1.65 billion of credit facilities, according to a market source.

Barclays, Goldman Sachs Bank USA, RBC Capital Markets and Jefferies LLC are the lead arrangers on the debt.

The facilities consist of an up to $150 million five-year revolver and a $1.5 billion seven-year term loan B, the source said.

Proceeds will be used to help fund the acquisition of the company by Stonepeak Infrastructure Partners, to refinance the existing Oryx Southern Delaware Holdings LLC facility, to consolidate Oryx Southern Delaware Holdings and Oryx Delaware Holdings LLC into a single borrower, to fund the required reserve accounts and for general corporate purposes.

Under the agreement, Oryx is being bought from Quantum Energy Partners, Post Oak Energy Capital, Concho Resources, WPX Energy and other investors for about $3.6 billion.

Oryx is a Midland, Tex.-based midstream crude operator in the Permian Basin.

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