Company: WBI
Filing Date: 2025-08-22
Form Type: S-1
Source: 0000950170-25-111048
Chunk: 176

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-22
Form: S-1
Chunk 176
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, including for the failure of WaterBridge Midstream or other loan parties to comply with the various financial, negative and affirmative covenants under the WBM Term Loan (subject to the cure provisions set forth therein). During the existence of an Event of Default (as defined in the WBM Term Loan), the WBM Term Agent may, or at the direction of the requisite lenders under the WBM Term Loan shall, declare all outstanding loans and accrued interest and fees under the WBM Term Loan to be immediately due and payable (among other available remedies).

As of December 31, 2024, we had $1,147.1 million of outstanding borrowings under the WBM Term Loan and the weighted average interest rate was 10.51%. As of June 30, 2025, we had $1,141.4 million of outstanding borrowings under the WBM Term Loan and the weighted average interest rate was 9.07%. We are currently in compliance with all covenants under the WBM Term Loan.

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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 Term Loan, (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 (as defined above), following which, the WBM Term Loan will be secured by a first-priority lien on substantially all of our assets.

WaterBridge Midstream Revolving Credit Facility

On June 27, 2024, the revolving credit facility of WaterBridge Midstream was amended and restated (as amended and restated, the “WBM Revolving Credit Facility”), pursuant to which the total aggregate commitment amount increased from $85 million to $100 million, and the maturity date of the W