Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 347

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 347
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 occurred on June 30, 2025 as described in “Use of Proceeds” elsewhere in this prospectus (the “Offering”). On a pro forma basis, the Company would have expected to retain $105.6 million of the net proceeds from the sale of the Class A shares (based on an assumed initial offering price of $18.50, the midpoint of the range set forth on the cover of this prospectus), because it expects to use the resulting gross proceeds of $499.5 million, to (i) pay underwriting discounts of $30.0 million and estimated other offering costs of $6.8 million that excludes $1.6 million of expenses paid as of June 30, 2025, (ii) repay $129.0 million of outstanding debt, and (iii) purchase limited liability company interests in WBI Operating LLC (“OpCo”) from the holder thereof for $228.2 million;

a provision for corporate income taxes at an effective rate of 5.38% for the year ended December 31, 2024, inclusive of all U.S. federal, state and local income taxes;

the effects of the Tax Receivable Agreement, as described under “Certain Relationships and Related Party Transactions—Tax Receivable Agreement”; and

the WaterBridge Combination as described elsewhere in this prospectus.

The unaudited pro forma condensed combined balance sheet of the Company is based on the unaudited historical condensed consolidated balance sheets of NDB Operating, WBEF and Desert Environmental as of June 30, 2025 and includes pro forma adjustments to give effect to the described Transactions as if they had occurred on June 30, 2025.

The unaudited pro forma condensed combined statements of operations of the Company are based on the audited historical consolidated statements of operations of NDB Operating, WBEF and Desert Environmental for the year ended December 31, 2024, and the unaudited historical consolidated statements of operations of NDB Operating, WBEF and Desert Environmental for the six months ended June 30, 2025 having been adjusted to give effect to the described Transactions as if they occurred on January 1, 2024.

The unaudited pro forma condensed combined financial statements have been prepared on the basis that the Company will be taxed as a corporation under the Internal Revenue Code of 1986, as amended, and as a result, will become a tax-paying entity subject to U.S. federal and state income taxes, and should be read in