Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 470

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 470
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26.55%, 38.09% and 8.18% of the issued and outstanding Class A limited liability company interests (“Class A units”) of the Company, respectively; • Elda River owned 100% of the issued and outstanding Series A preferred units (“Series A Preferred Units”) of the Company; and • WB 892 and Co-Invest II owned 38.09% and 61.91% the issued and outstanding Series B preferred units (“Series B Preferred Units”) of the Company. Distributions (including liquidating distributions) are to be made to the members at the discretion of the board of managers of Holdings, as the governing body of the Company. Distributions are required to be distributed first to the Series A Preferred Units, followed by the Class A shares and Series B preferred units in accordance with the terms and conditions of the LLCA. Each member’s equity account will be adjusted for distributions paid to such member and additional capital contributions that are made by such member. All revenues, costs and expenses of the Company are allocated to the members. 7. Mezzanine Equity Redeemable Series A Preferred Units On December 13, 2019, the Company issued 150,000 Series A Preferred Units (“Redeemable Series A Preferred Units”) to Elda River in exchange for net cash proceeds of $147.8 million. The key terms of the Series A Preferred Units are outlined in the LLCA. The Series A Preferred Units rank senior to (i) the Series B Preferred Units, and (ii) all Class A units, and rank junior only to the satisfaction of all the Company’s indebtedness upon the liquidation, dissolution, or winding up of the Company. Except as provided in the LLCA, the Series A Preferred Units did not have voting rights. The Series A Preferred Units are redeemable in cash upon the occurrence of a change of control or an initial public offering (“IPO”), or at any time at the option of the Company, for an amount equal to the greater of (i) a pre-tax cumulative internal rate of return (“IRR”) of 14.0%, or (iii) 1.45 multiplied by the original issue price minus the aggregate amount of any distributions received plus the original issue price for any Step-Up PIK Units (described below). In the event the Series A Preferred Units are not redeemed prior to December 31, 2026, the holders of the Series A Preferred Units gain control of the board of managers. In effect, this