Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 321

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 321
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, to reflect these costs being charged against the proceeds of this Offering. (c) Represents a $107.4 million paydown of the WBM Term Loan, of which $11.5 million is the current portion of long-term debt, a $70.0 million paydown of the NDB Revolving Credit Facility, a $15.0 million paydown of the WBM Revolving Credit Facility, and the write-off of debt issuance costs of $0.5 million within Prepaid expenses and other current assets and $0.4 million within Other assets. (d) Represents an adjustment to members’ equity reflecting (i) $376.2 million for Class A shares outstanding following this offering and application of the net proceeds therefrom calculated as the 24% controlling interest in OpCo’s pro forma, as adjusted, members’ equity as of June 30, 2025 (see note (e) below) and (ii) a decrease of $1,191.3 million in members’ equity to allocate a portion of WaterBridge Infrastructure LLC’s equity to the non-controlling interest (see Note (e) below).

<div align='center'>F-14

WaterBridge Infrastructure LLC

Notes to the Unaudited Pro Forma Condensed Combined Financial Statements</div>

(e) Represents the non-controlling interest due to the consolidation of financial results of OpCo. As described in “Corporate Reorganization,” the Company will become the managing member of OpCo. The Company will initially have a minority economic interest in OpCo, but will have exclusive control over the management of OpCo. As a result, we will consolidate the financial results of OpCo and will report a non-controlling interest on our condensed combined balance sheet for the percentage of OpCo units not held by the Company. Upon completion of the contemplated transactions, the non-controlling interest is expected to own approximately 76% of OpCo.

| Pro forma members’ equity as of June 30, 2025                                                              |     | $ | 1,364,015 |   |
| Gross proceeds from Offering                                                                               |     |   |   500,000 |   |
| Net underwriting discounts and offering costs(1)                                                           |     |   |   (35,908 | ) |
| Recognition of deferred tax assets and payable to related parties pursuant to the Tax Receivable Agreement |     |   |   (32,049 | ) |
| Acquisition of OpCo interests                                                                              |     |   |  (228,553 |