Company: WBI
Filing Date: 2025-04-18
Form Type: DRS
Source: 0000950123-25-003575
Chunk: 141

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-04-18
Form: DRS
Chunk 141
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NDB Operating Revolving Credit Facility

On June 8, 2022, NDB Operating entered into a revolving credit facility (the “NDB Revolving Credit Facility”) that provides for revolving borrowings up to the aggregate revolving commitment, subject to compliance with various customary financial and other covenants common in such agreements that apply to the Company and its subsidiaries, including (i) compliance with a maximum leverage ratio and a minimum interest coverage ratio measured on a periodic basis, and (ii) restrictions on the ability to incur debt, grant liens, make dispositions, make distributions, engage in transactions with affiliates, or make investments. On May 10, 2024, we amended the NDB Revolving Credit Facility to decrease the total aggregate revolving commitment amount to $100.0 million and extend the maturity date until June 8, 2027.

Principal amounts borrowed under the NDB Revolving Credit Facility may be repaid from time to time and commitments thereunder may be terminated without premium or penalty. Any principal amounts outstanding on the maturity date, June 8, 2027, will become due and payable on such date. At NDB Operating’s election, principal amounts under the NDB Revolving Credit Facility may be borrowed as SOFR Loans or Base Rate Loans, in each case with an applicable margin with stepdowns based on a net total leverage ratio. NDB Operating also pays a commitment fee to each lender quarterly in arrears on the daily unused amount of the commitment of such lender under the NDB Revolving Credit Facility, which is based on the NDB Operating’s leverage ratio then in effect.

As of December 31, 2024, we had $35.0 million of outstanding borrowings under the NDB Revolving Credit Facility and the weighted average interest rate was 8.67%.

In connection with the WaterBridge Combination, we expect that the NDB Revolving Credit Facility will be terminated and all outstanding borrowings will be repaid with borrowings under the WBM Revolving Credit Facility (as defined above).

We are exposed to market risks, which includes the effects of adverse changes in commodity prices and counter‑party and customer credit risks and interest rate risk as described below. The primary objective of the following information is to provide quantitative and qualitative information about our potential exposure to market risks. The term “market risk” refers to the risk of loss arising from adverse changes in commodity prices and counter‑party and customer credit and interest rate risk. The disclosures are