Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 124

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 124
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 prior to the periods presented within.

Term Loans and Revolving Credit Facility

In connection with the WaterBridge Combination, the NDB Term Loan (as defined below) will be assigned to and assumed by the borrower under the WBM Term Loan (as defined below). Both term loans will be secured by a first-priority lien on substantially all of our assets, with no amendments to any other terms or borrowings outstanding under the NDB Term Loan or the WBM Term Loan (as defined below). As of March 31, 2025, there was $ outstanding under the WBM Term Loan and $ outstanding under the NDB Term Loan. Borrowings under the term loans were incurred to fund capital expenditures, working capital and general corporate purposes, and refinance existing indebtedness.

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In addition, we expect that, in connection with the WaterBridge Combination, we will amend and restate the existing WBM revolving credit facility (the “A&R Revolving Credit Facility”). Upon entering into the A&R Revolving Credit Facility, we expect to borrow approximately $ million, the proceeds of which will be used to repay all outstanding borrowings under and terminate the existing NDB revolving credit facility. The A&R Revolving Credit Facility will be secured by a super-priority lien on substantially all of our assets. Borrowings under our existing revolving credit facilities were incurred to fund capital expenditures and provide working capital. 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 % of pre‑tax earnings for both periods and would have incurred pro forma income tax expense of $ million for the year ended December