Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 127

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 127
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 LLC was formed to serve as the issuer in this offering and has no previous operations, assets or liabilities. The historical financial statements included in this prospectus are based on the financial statements of our predecessors, WBEF and NDB Operating, prior to the WaterBridge Combination and the Corporate Reorganization in connection with this offering as described under “Corporate Reorganization.” As a result, the historical financial data may not give you an accurate indication of what our actual results would have been if the WaterBridge Combination and the Corporate Reorganization had each been completed at the beginning of the periods presented or of what our future results of operations are likely to be.

Long‑Term Incentive Plan

In order to incentivize individuals providing services to us or our affiliates, we expect that our board of directors will adopt an LTIP, which will become effective upon the consummation of this offering, for employees and directors. Any individual who is our officer or employee or an officer or employee of any of our affiliates, and any other person who provides services to us or our affiliates, including our directors, may be eligible to receive awards under the LTIP at the discretion of our board of directors or a committee thereof, as applicable. We anticipate that the LTIP will provide for the grant, from time to time, at the discretion of our board of directors, or a committee thereof, of options, share appreciation rights, restricted shares, restricted share units, share awards, dividend equivalents, other share‑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 March 31, 2025, there was $1,144.3 million outstanding under the WBM Term Loan and $572.1 million outstanding under the NDB Term Loan. Borrowings under the term loans were incurred to fund capital expenditures, working capital and general corporate purposes,