Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 5

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 5
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11, 2025 by NDB Holdings LLC (“NDB Holdings”), which is indirectly controlled by investment funds affiliated with Five Point (as defined herein) and certain members of our management team. We have not conducted and will not conduct any material business operations prior to the completion of the transactions described under “Corporate Reorganization” (such transactions, the “Corporate Reorganization”) other than certain activities related to, and undertaken in contemplation of, this offering, including the transactions contemplated by the WaterBridge Combination discussed below.

Prior to the Corporate Reorganization, WaterBridge Resources LLC (“WaterBridge Resources”), which is controlled by an investment fund affiliated with Five Point, will form WBR Holdings LLC, a Delaware limited liability company (“WBR Holdings”), and (i) WBR Holdings, (ii) WaterBridge Resources and the other equity holders of WaterBridge Equity Finance LLC (“WBEF”), (iii) NDB Holdings and the other equity holders of NDB Midstream LLC (“NDB Midstream”) and (iv) Desert Environmental Holdings LLC (“Desert Holdings”), the equity holder of Desert Environmental LLC (“Desert Environmental” and, together with WBEF and NDB Midstream, the “Contributed Entities”) intend to complete a series of transactions described under “Summary—WaterBridge Combination” (such transactions, the “WaterBridge Combination”) pursuant to which all of the equity interests in the Contributed Entities will be contributed to WBI Operating LLC, a Delaware limited liability company formed by WBR Holdings (“OpCo”). Immediately following the WaterBridge Combination, OpCo will own all of the existing assets and operations of the Contributed Entities, and WBR Holdings and certain of the current equity owners of the Contributed Entities will own all of the equity interests in OpCo. The Contributed Entities were not under common control for the periods presented and NDB Midstream is the accounting acquirer in the WaterBridge Combination. For additional information, please see “Summary—WaterBridge Combination.”

Following the Corporate Reorganization, WaterBridge will be a holding company, the sole material asset of which will consist of units representing limited liability company interests in OpCo (“OpCo Units”). WaterBridge will also be the sole managing member of OpCo.

Our organizational structure following the Corporate Reorganization will allow us to retain a direct equity ownership in OpCo, which will be classified as a partnership for U.S. federal income tax purposes following the offering. Investors in this offering will, by contrast, hold a direct ownership interest in us in the form of Class