Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 133

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 133
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 has not declared any dividends and may determine not to declare any cash dividends in the future. If our board of directors determines to declare and pay any dividends in the future, the amount of any such dividends may vary from period to period. In determining whether to declare and pay any dividends in the future, our board of directors will take into account:

general economic and business conditions;

our financial condition and results of operations;

our cash flows from operations and current and anticipated cash needs;

our capital requirements, including future acquisitions;

legal, tax, regulatory and contractual restrictions (including under our credit facilities and future financing arrangements) and implications on the payment of dividends by us to our shareholders or the payment of distributions by our subsidiaries to us; and

such other factors as our board of directors may deem relevant.

Following our Corporate Reorganization and this offering, we will be a holding company and will have no material assets other than OpCo Units. As a consequence, our ability to declare and pay dividends to the holders of our Class A shares will be subject to the ability of our subsidiaries to make distributions to OpCo and of OpCo to make distributions to us. The ability of our subsidiaries to make distributions to OpCo will depend upon the amount of cash they generate from their businesses, the cash flow needs of our subsidiaries and the restrictions contained in our credit facilities, any future financing arrangement or any other arrangement, as well as such subsidiaries’ governing documents. OpCo and its subsidiaries may not generate sufficient cash flow to distribute funds to us and applicable state law and contractual restrictions, including negative covenants in our debt instruments, may not permit such distributions. For example, after giving effect to our capital requirements, we would have had a cash deficiency of approximately $203.8 million on a pro forma basis for the year ended December 31, 2024, and we would not have declared any dividends on our Class A shares during that period.

The OpCo LLC Agreement will provide, subject to the terms of any current or future debt or other arrangements, for: (i) pro rata tax distributions to the OpCo Unitholders in an amount generally intended to allow us to satisfy our actual income tax liabilities with respect to our allocable share of the income of OpCo; (ii) pro rata tax distributions to the OpCo Unitholders in an amount generally intended to allow us to make payments under the Tax Receivable Agreement that we will enter into with OpCo and the TRA Holders in connection with the closing of this offering and any subsequent