Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 146

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 146
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 there was $1,141.4 million outstanding under the WBM Term Loan, $570.7 million outstanding under the NDB Term Loan, $15.0 million outstanding under the WBM Revolving Credit Facility and $70.0 million outstanding under the NDB Revolving Credit Facility. We anticipate all outstanding borrowings under the WBM Revolving Credit Facility and the NDB Revolving Credit Facility will be repaid with a portion of the net proceeds from the offering. Borrowings under the WBM Term Loan and the NDB Term Loan were incurred to fund capital expenditures, working capital and general corporate purposes, and refinance existing indebtedness. Borrowings under the WBM Revolving Credit Facility and the NDB Revolving Credit Facility were incurred to fund capital expenditures, provide working capital and for general corporate purposes. See “—Liquidity and Capital Resources—Debt Instruments” for more information.

Income Taxes

Prior to this offering, our predecessors and their subsidiaries were primarily entities that were treated as partnerships for federal income tax purposes but were subject to certain minimal Texas franchise taxes. As a result of our predominately non‑taxable structure historically, income taxes on taxable income or losses realized by our predecessors were generally the obligation of our predecessors’ individual members or partners. Accordingly, the financial data attributable to our predecessors contains no provision for U.S. federal income taxes or income taxes in any state or locality (other than margin tax in the State of Texas). In connection with the consummation of this offering, although we are a limited liability company, we intend to elect to be classified as a corporation and will be subject to U.S. federal, state and local income taxes. We estimate that we will be subject to U.S. federal, state and local taxes at a blended statutory rate of 21.54% of pre‑tax earnings attributable to the Company from OpCo and would have incurred pro forma, as adjusted, income tax benefit of $3.8 million for the year ended December 31, 2024.

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Results of Operations Three Months Ended June 30, 2025 Compared to Three Months Ended June 30, 2024 WaterBridge Equity Finance LLC

| (in thousands)                           
 Revenues:                                |     | Three Months Ended June 30, 
 2025                        
 (unaudited)                 |         |   |     | 2024 |         |   |     | Amount of  
 Increase   
 (Decrease) |         |