Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 168

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 168
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236 |     | $         |     27,120 |   |     |            |    103 | %  |

Interest expense, net. Interest expense, net increased $27.1 million for the year ended December 31, 2024 as compared to the year ended December 31, 2023 primarily due to higher total indebtedness, which resulted in an additional $18.5 million in interest expense. This increase was driven by borrowings used to fund asset acquisitions and capital expenditures related to the continued expansion of our produced water handling infrastructure network. In addition, an unfavorable increase in the effective interest rate on the majority of our outstanding indebtedness contributed an additional $4.6 million in interest expense compared to the prior year. In May 2024, we entered into a $575.0 million term loan facility, which resulted in $2.5 million of amortization of debt issuance costs in 2024, compared to none in 2023. Also in May 2024, we amended our NDB Revolving Credit Facility, resulting in a $2.6 million write-off of previously capitalized debt issuance costs. This was partially offset by a $1.1 million decrease in the amortization of debt issuance costs related to our NDB Revolving Credit Facility. See “—Liquidity and Capital Resources” for additional information regarding the Company’s debt instruments and interest expense.

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Liquidity and Capital Resources Overview Historically, our predecessors’ primary sources of liquidity have been capital contributions from their respective members, cash flows from operating activities and borrowings under their existing credit facilities. Following the completion of this offering, we expect our primary sources of liquidity to be cash flows from operating activities and, if required, proceeds from borrowings under our credit facilities. We expect our primary liquidity and capital requirements will be for our operating expenses, servicing of our debt, the payment of dividends to our shareholders, if any, general company needs and investing in our business. We believe that we will be able to fully fund our ongoing capital expenditures, working capital requirements and other capital needs for the foreseeable short‑term and long‑term future through cash on hand and cash flows from our operating activities. Although we believe that we will be able to fully fund our ongoing capital expenditures, working capital requirements and other capital needs for the foreseeable future through cash on hand and cash flows from our operating activities, we may choose to use borrowings under our credit facilities to finance our operating and investing activities.