Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 151

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 151
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 obligations

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under the Credit Facilities (the “Parent Guarantee”), (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, following which, each Credit Facility will be secured by a first-priority lien on substantially all of our assets (collectively, the “Collateral Amendments”).

In addition, in connection with the NDB Assumption and the Collateral Amendments, we will amend each of the WBM Revolving Credit Facility (as defined below) and the NDB Revolving Credit Facility (as defined below) to, among other things, permit the NDB Assumption and the Collateral Amendments.

As of June 30, 2025, 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 company 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 company 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