Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 179

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 179
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 the “Existing Term Loans”) with a maturity date of May 10, 2029. The NDB Term Loan is secured by a first-priority lien on substantially all assets of NDB Operating and its subsidiaries, a pledge by NDB Intermediate Holdings LLC (“Intermediate Holdings”) of the equity interests of NDB Operating, and is also guaranteed by each of NDB Operating’s subsidiaries. The NDB Term Loan was amended on December 18, 2024 to reduce the applicable margin on both Term SOFR Loans and Base Rate Loans by 0.50%.

We may elect for outstanding borrowings under the NDB Term Loan to accrue interest at a rate based on either (i) Term SOFR or (ii) Base Rate, in each case plus an applicable margin. Following the WaterBridge Combination, Term SOFR Loans will bear interest at a rate equal to Term SOFR for the applicable interest period plus a margin of 4.25%. Interest on Term SOFR Loans is payable at the end of the applicable interest period. Base Rate Loans bear interest at a rate per annum equal to the highest of (i) the Federal Funds Rate, as in effect from time to time, plus 0.5%, (ii) the prime rate, as published by The Wall Street Journal from time to time and (iii) Term SOFR for a one-month tenor plus 1.00%, in each case, plus a margin of 3.25% following the WaterBridge Combination. Interest on Base Rate Loans is payable quarterly in arrears. Interest for Term SOFR Loans and Base Rate Loans will decrease by 0.25% when the net first lien leverage ratio is equal to or less than 4.25:1.00 as of the last day of a fiscal quarter.

Pursuant to the NDB Term Loan, we are required to comply with various financial and other covenants common to credit agreements, including (i) a debt service coverage ratio of at least 1.10 to 1.00 as of the last day of each fiscal quarter, measured on a periodic basis, and (ii) restrictions on the ability to incur debt, grant liens, make dispositions, make distributions, engage in transactions with affiliates, and make investments. In addition, we are required to prepay loans under the NDB Term Loan in an amount equal to a portion of or all of our ECF, as defined in the NDB Term Loan, within five days of delivering year-end financials