Company: WBI
Filing Date: 2025-09-29
Form Type: 8-K
Source: 0001193125-25-221810
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Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-29
Form: 8-K
Item: Item 1.01
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Item 1.01 Entry into a Material Definitive Agreement.

On September 26, 2025, WBI Operating LLC (the “ Borrower”) entered into a revolving credit agreement (the “ Credit Agreement”) by and among Truist Bank, as administrative agent (the “ Administrative Agent”), collateral agent and issuing bank, the lenders party thereto (collectively, the “ Lenders”); Truist Securities, Inc., Wells Fargo Bank, N. A., Barclays Bank PLC, Citibank, N. A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N. A., Morgan Stanley Senior Funding, Inc. and Bank OZK, as co-syndication agents; and Truist Securities, Inc., Wells Fargo Bank, N. A., Barclays Bank PLC, Citibank, N. A., Goldman Sachs Bank USA, JPMorgan Chase Bank, N. A., Morgan Stanley Senior Funding, Inc. and Bank OZK, as co-syndication agents, joint lead arrangers and joint book runners.

The Credit Agreement provides for a $500.0 million secured revolving credit facility. Borrowings under the Credit Agreement will bear interest at the secured overnight financing rate for the selected interest period, plus an applicable margin that ranges from 2.00% - 3.00% (based on the then current consolidated net leverage ratio). The Credit Agreement also includes a base rate option with an applicable margin ranging from 1.00% - 2.00% (based on then current net leverage ratio).

The Credit Agreement’s effectiveness (including the commitments of the Lenders thereunder) is subject to customary conditions including the issuance of the Senior Notes (as defined below).

In addition, the Credit Agreement requires the Borrower to pay commitment fees on the unused commitments under the Credit Agreement ranging, depending on the Borrower’s net total leverage ratio, from 0.375% to 0.500% per annum and customary agency fees.

The Credit Agreement contains certain affirmative and negative covenants customary for credit facilities of this type. The Credit Agreement contains certain financial covenants that require the Borrower to maintain as of the last day of each Test Period (as defined in the Credit Agreement), (a) a consolidated interest coverage ratio of no less than 2.50:1.00; (b) a consolidated net leverage ratio of not more than 5.00:1.00 (subject to a two full quarter step-up period of