Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 183

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 183
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 (subject to the cure provisions set forth therein). During the existence of an Event of Default (as defined in the NDB Term Loan), the agent may, or at the direction of the requisite lenders thereunder shall, terminate the commitments and/or declare all outstanding loans and accrued interest and fees under the NDB Term Loan to be immediately due and payable (among other available remedies).

As of December 31, 2024, we had $573.6 million of outstanding borrowings under the NDB Term Loan and the weighted average interest rate was 9.54%. As of June 30, 2025, we had $570.7 million of outstanding borrowings under the NDB Term Loan and the weighted average interest rate was 8.36%. We are currently in compliance with all covenants under the NDB Term Loan.

In connection with the WaterBridge Combination, we expect that the NDB Term Loan will be assumed by WaterBridge Midstream pursuant to the NDB Assumption and remain outstanding.

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) collateral securing obligations under the WBM Term Loan and the WBM Revolving Credit Facility to also secure obligations under the NDB Term Loan and the NDB Revolving Credit Facility and (iv) the grant of security interests by certain subsidiaries of Desert Environmental to secure the obligations under each Credit Facility, following which, the NDB Term Loan will be secured by a first-priority lien on substantially all of our assets.

NDB Operating Revolving Credit Facility

On June 8, 2022, NDB Operating entered into a revolving credit facility (the “NDB Revolving Credit Facility” and, together with the WBM Revolving Credit Facility, the “Existing Revolving Credit Facilities”), which provides for revolving borrowings up to the aggregate revolving commitments provided thereunder, subject to compliance with various customary financial and other covenants common in such agreements