Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 488

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 488
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4, the Company amended the Credit Facility such that the Company is required to make Term Loan amortization payments on the last business day of each quarter beginning on March 31, 2025 in an amount equal to $500,000 plus accrued interest. The Company may elect for borrowings under the Credit Facilities to accrue interest at a rate based on either (i) the secured overnight financing rate (“Term SOFR Loans”) or (ii) the base rate (“Base Rate Loans”), in each case plus an applicable margin, which such margin is determined by reference to the Company’s leverage ratio. Term SOFR Loans accrue interest at a rate equal to Term SOFR for the applicable tenor, plus the applicable margin. Base Rate Loans accrue interest at a rate equal to the highest of (a) the rate of interest which the administrative agent announces from time to time as its prime lending rate, (b) the federal funds rate plus 0.50%, and (c) Term SOFR for a one-month tenor plus 1.00%. Interest on all outstanding Base Rate Loans shall be payable quarterly in arrears on the last business day of each March, June, September, and December. Interest on all outstanding Term SOFR Loans shall be payable on the last business day of each interest period. Additionally, in respect of any repayment of borrowings under the Term Loan, accrued interest on the principal amount so repaid shall be payable on the date of such repayment. The Credit Facilities are subject to customary financial and non-financial covenants, including (i) until June 30, 2024, a maximum total funded debt to total capitalization ratio of 35%, (ii) after June 30, 2024, (a) a minimum fixed charge coverage ratio of 1.25:1.00 and (b) a maximum total leverage ratio of 2.25:1.00, and (iii) restrictions on the ability to incur debt, grant liens, make dispositions, make distributions, engage in transactions with affiliates, or make investments. The term loan incurred interest at an average rate of 9.12% during 2024. Interest expense incurred on all outstanding debt for the years ended December 31, 2024 and 2023, was $930 thousand and $54 thousand, respectively. The estimated fair value of the debt approximates the principal amount outstanding because the interest rates are variable and reflective of market rates and the debt may be repaid, in