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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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