Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 182

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 182
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 WaterBridge Midstream’s election, principal amounts under the WBM Revolving Credit Facility may be borrowed as SOFR Loans or Base Rate Loans. Term SOFR Loans under the WBM Revolving Credit Facility bear interest at a variable rate equal to Term SOFR for the applicable tenor plus 0.10% (“Adjusted Term SOFR”), plus a leverage-based applicable margin between 2.5% and 3.75% per annum. Interest on all outstanding Term SOFR Loans is payable on the last business day of the applicable interest period. Base Rate Loans under the WBM Revolving Credit Facility bear interest at a rate per annum equal to (x) the highest of (i) the Federal Funds Rate, as in effect from time to time, plus 0.50%, (ii) the prime rate which Truist Bank announces from time to time as its prime lending rate, (iii) Adjusted Term SOFR for a one-month tenor plus 1.00% and (iv) 0.00%, in each case plus (y) a leverage-based applicable margin between 1.5% and 2.75% per annum. Interest on all outstanding Base Rate Loans shall be payable quarterly in arrears. WaterBridge Midstream also pays a commitment fee based on the applicable percentage of undrawn commitment amounts under the WBM Revolving Credit Facility.

As of December 31, 2024, we had no outstanding borrowings under the WBM Revolving Credit Facility and the weighted average interest rate was 9.06%. As of June 30, 2025, we had $15.0 million of outstanding borrowings under the WBM Revolving Credit Facility and the weighted average interest rate was 8.17%. We are currently in compliance with all covenants under the WBM Revolving Credit Facility.

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 Parent Guarantee from the Company, OpCo and WBO of the obligations under the WBM Revolving Credit Facility, (ii) collateral securing obligations under the NDB Term Loan and the NDB Revolving Credit Facility to also secure the obligations under the WBM Term Loan and the WBM Revolving Credit Facility, (iii)