Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 181

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 181
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 We are currently in compliance with all covenants under the WBM Revolving Credit Facility.

In connection with the WaterBridge Combination and the NDB Assumption, certain of the existing collateral documents securing the NDB Term Loan, the WBM Term Loan, the NDB Revolving Credit Facility and the WBM Revolving Credit Facility will be amended, amended and restated, supplemented, or otherwise modified to provide for (i) the Parent Guarantee from the Company, OpCo and WBO of the obligations under the WBM Revolving Credit Facility, (ii) collateral securing obligations under the NDB Term Loan and the NDB Revolving Credit Facility to also secure the obligations under the WBM Term Loan and the WBM Revolving Credit Facility, (iii) collateral securing obligations under the WBM Term Loan and the WBM Revolving Credit Facility to also secure obligations under the NDB Term Loan and the NDB Revolving Credit Facility and (iv) the grant of security interests by certain subsidiaries of Desert Environmental to secure the obligations under each Credit Facility, following which, the WBM Revolving Credit Facility will be secured by a first-priority lien on substantially all of our assets.

In addition, in connection with the NDB Assumption and the Collateral Amendments, we will amend the WBM Revolving Credit Facility to, among other things, permit the NDB Assumption and the Collateral Amendments.

We anticipate all outstanding borrowings under the WBM Revolving Credit Facility will be repaid with a portion of the net proceeds from the offering, as described in “Use of Proceeds” elsewhere in this prospectus.

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NDB Operating Term Loan

On May 10, 2024, NDB Operating entered into a $575.0 million term loan facility (the “NDB Term Loan” and, together with the WBM Term Loan, the “Existing Term Loans”) with a maturity date of May 10, 2029. The NDB Term Loan is secured by a first-priority lien on substantially all assets of NDB Operating and its subsidiaries, a pledge by NDB Intermediate Holdings LLC (“Intermediate Holdings”) of the equity interests of NDB Operating, and is also guaranteed by each of NDB Operating’s subsidiaries. The NDB Term Loan was amended on December 18, 2024 to reduce the applicable margin on both Term SOFR Loans and Base Rate Loans by 0.50%.

We may elect for outstanding borrowings under the NDB Term Loan to