Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 184

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 184
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 that apply to NDB Operating and its subsidiaries, including (i) compliance with a maximum leverage ratio and a minimum interest coverage ratio measured on a periodic basis, and (ii) restrictions on the ability to incur debt, grant liens, make dispositions, make

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distributions, engage in transactions with affiliates, or make investments. On May 10, 2024, we amended the NDB Revolving Credit Facility to decrease the total aggregate revolving commitment amount to $100.0 million and extend the maturity date until June 8, 2027.

Principal amounts borrowed under the NDB Revolving Credit Facility may be repaid from time to time and commitments thereunder may be terminated without premium or penalty. Any principal amounts outstanding on the maturity date, June 8, 2027, will become due and payable on such date. At NDB Operating’s election, principal amounts under the NDB Revolving Credit Facility may be borrowed as Term SOFR Loans or Base Rate Loans, in each case with leverage-based applicable margin between 2.75% and 3.75% per annum for SOFR Loans and between 1.75% and 2.75% per annum for Base Rate Loans. NDB Operating also pays a commitment fee to each lender quarterly in arrears on the daily unused amount of the commitment of such lender under the NDB Revolving Credit Facility, which is based on NDB Operating’s leverage ratio then in effect.

As of December 31, 2024, we had $35.0 million of outstanding borrowings under the NDB Revolving Credit Facility and the weighted average interest rate was 8.67%. As of June 30, 2025, we had $70.0 million of outstanding borrowings under the NDB Revolving Credit Facility and the weighted average interest rate was 8.15%. We are currently in compliance with all covenants under the NDB Revolving Credit Facility.

In connection with the WaterBridge Combination, we expect that the NDB Revolving Credit Facility will be assumed by WaterBridge Midstream pursuant to the NDB Assumption and remain outstanding.

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