Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 33

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 33
---
2025, we constructed approximately 980 miles of pipelines and 66 produced water handling facilities across our areas of operations. Further, since 2018, we have successfully sourced, executed and integrated more than 30 acquisitions. Our team employs a rigorous process to evaluate both new projects and acquisition opportunities and determine whether they meet or exceed targeted return thresholds, with the underlying goal of driving long-term value creation for us. We intend to take advantage of opportunities available to us as a result of our expansive footprint.

The trend towards consolidation of the oil and natural gas E&P sector over the last several years has resulted in many of our customers becoming substantially larger E&P operators in the Delaware Basin, which requires them to make substantial capital expenditures to meet the demands of their drilling operations. The increased scale of many of our customers has also enhanced their creditworthiness. We believe that the recent wave of consolidation among E&P producers in the Delaware Basin has generally improved the creditworthiness of our customer base and increased demand for sophisticated, reliable water management providers like us.

Although we and members of our management team have been involved in multiple successful organic growth projects and acquisitions in the past, such successes may not be replicated in the future and our ability to grow our business through organic growth projects and acquisitions is subject to various risks as discussed in more detail under “Risk Factors.”

Financial Flexibility and Conservative Balance Sheet . Following the closing of this offering and the application of the net proceeds as set forth under “Use of Proceeds,” we expect to have outstanding indebtedness of $1,721.2 million, cash on hand of $170.6 million and $200.0 million of available capacity under our revolving credit facilities, for total available liquidity of $370.6 million. We intend to use the net proceeds from this offering to purchase a portion of the equity interests in OpCo held by an existing third party investor, Elda River Infrastructure WB LLC (“Elda River”), to repay a portion of our outstanding indebtedness and for general company purposes, including funding working capital and future growth projects. Following this offering, we expect our leverage to be approximately 3.8x based on LTM Consolidated EBITDA, as defined in our revolving credit facilities. We aim for our long-term leverage target to be lower than 3.0x on an LTM Consolidated EBITDA basis.

We believe that our internally generated cash flows, our borrowing capacity and our expected ability to access the debt and equity capital markets as a public company will provide us with the financial