Company: WBI
Filing Date: 2025-06-02
Form Type: DRS/A
Source: 0000950123-25-005943
Chunk: 128

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-06-02
Form: DRS/A
Chunk 128
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 and refinance existing indebtedness.

In addition, we expect that, in connection with the WaterBridge Combination, we will amend and restate the existing WBM revolving credit facility (the “A&R Revolving Credit Facility”). Upon entering into the A&R Revolving Credit

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Facility, we expect to borrow approximately $ million, the proceeds of which will be used to repay all outstanding borrowings under and terminate the existing Revolving Credit Facility. The A&R Revolving Credit Facility will be secured by a super-priority lien on substantially all of our assets. Borrowings under our existing revolving credit facilities were incurred to fund capital expenditures and provide working capital. 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 state or locality (other than margin tax in the State of Texas). In connection with the consummation of this offering, although we are a limited liability company, we intend to elect to be classified as a corporation and will be subject to U.S. federal, state and local income taxes. We estimate that we will be subject to U.S. federal, state and local taxes at a blended statutory rate of % of pre‑tax earnings for both periods and would have incurred pro forma income tax expense of $ million for the year ended December 31, 2024. Results of Operations Three Months Ended March 31, 2025 Compared to Three Months Ended March 31, 2024 WaterBridge Equity Finance LLC

| (in thousands)                           
 Revenues:                                |     | Three Months Ended March 31, 
 2025                         
 (unaudited)                  |         |   |     | 2024 |         |   |     | Amount of  
 Increase   
 (Decrease) |        |   |     | Percentage 
 Change     |     |    |
|:-----------------------------------------|:----|:-----------------------------|--------:|:--|:----|:-----|--------:|:--|:----|:-----------|-------: