Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 345

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 345
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 results. For purposes of this prospectus, the Company’s predecessors are both WaterBridge NDB Operating LLC (“NDB Operating”) and WaterBridge Equity Finance LLC (“WBEF”).

The following unaudited pro forma condensed combined financial statements reflect the historical combined results of NDB Operating, WBEF and Desert Environmental and their respective subsidiaries on a pro forma basis to give effect to the following transactions (collectively, the “Transactions”), which are described in further detail below, as if they had occurred on June 30, 2025, for purposes of the unaudited pro forma condensed combined balance sheet, and on January 1, 2024, for purposes of the unaudited pro forma condensed combined statements of operations:

the contemplated transactions described under “Corporate Reorganization” elsewhere in this prospectus;

the initial public offering of Class A shares representing limited liability company interests (“Class A shares”) and the use of the net proceeds therefrom as though the Transactions occurred on June 30, 2025 as described in “Use of Proceeds” elsewhere in this prospectus (the “Offering”). On a pro forma basis, the Company would have expected to retain $232.0 million of the net proceeds from the sale of the Class A shares (based on an initial offering price of $20.00), because it expects to use the resulting gross proceeds of $634.0 million, to (i) pay underwriting discounts of $38.0 million and estimated other offering costs of $6.8 million that excludes $1.6 million of expenses paid as of June 30, 2025, (ii) repay $129.0 million of outstanding debt, and (iii) purchase limited liability company interests in WBI Operating LLC (“OpCo”) from the holder thereof for $228.2 million;

a provision for corporate income taxes at an effective rate of 5.93% for the year ended December 31, 2024, inclusive of all U.S. federal, state and local income taxes;

the effects of the Tax Receivable Agreement, as described under “Certain Relationships and Related Party Transactions—Tax Receivable Agreement”; and

the WaterBridge Combination as described elsewhere in this prospectus.

The unaudited pro forma condensed combined balance sheet of the Company is based on the unaudited historical condensed consolidated balance sheets of NDB Operating, WBEF and Desert Environmental as of June 30, 2025 and includes pro forma adjustments to give effect to the described Transactions as if