Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 139

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 139
---
based awards, cash awards, substitute awards and performance awards intended to align the interests of employees, directors and service providers with those of our shareholders. As such, our historical financial data may not present an accurate indication of what our actual results would have been if we had implemented the LTIP program prior to the periods presented within.

Term Loans and Revolving Credit Facility

In connection with the WaterBridge Combination, the NDB Term Loan (as defined below) will be assigned to and assumed by the borrower under the WBM Term Loan (as defined below). Both term loans will be secured by a first-priority lien on substantially all of our assets, with no amendments to any other terms or borrowings outstanding under the NDB Term Loan or the WBM Term Loan. As of June 30, 2025, there was $1,141.4 million outstanding under the WBM Term Loan and $570.7 million outstanding under the NDB Term Loan. Borrowings under the term loans were incurred to fund capital expenditures, working capital and general corporate purposes, and refinance existing indebtedness.

In addition, we expect that, in connection with the WaterBridge Combination, we will amend and restate the existing WBM revolving credit facility (the “A&R Revolving Credit Facility”). Upon entering into the A&R Revolving Credit

<div align='center'>86</div>

Facility, we expect to borrow approximately $ million, the proceeds of which will be used to repay all outstanding borrowings under and terminate the existing Revolving Credit Facility. The A&R Revolving Credit Facility will be secured by a super-priority lien on substantially all of our assets. Borrowings under our existing revolving credit facilities were incurred to fund capital expenditures and provide working capital. See “—Liquidity and Capital Resources—Debt Instruments” for more information. Income Taxes Prior to this offering, our predecessors and their subsidiaries were primarily entities that were treated as partnerships for federal income tax purposes but were subject to certain minimal Texas franchise taxes. As a result of our predominately non‑taxable structure historically, income taxes on taxable income or losses realized by our predecessors were generally the obligation of our predecessors’ individual members or partners. Accordingly, the financial data attributable to our predecessors contains no provision for U.S. federal income taxes or income taxes in any state or locality (other than margin tax in the State of Texas). In connection with the consummation of this offering, although we are a limited liability company, we intend to elect to be classified as a corporation