Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 95

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 95
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 us to dedicate a substantial portion of our cash flow from operations to make payments on our indebtedness, thereby reducing the availability of our cash flow to fund general company and other purposes, including capital expenditures and dividend payments;

restricting us from exploiting business opportunities and making strategic acquisitions;

making it more difficult to satisfy our financial obligations, including payments on our indebtedness, and contractual and commercial commitments;

disadvantaging us when compared to our competitors that have less debt;

complying with covenants contained in the documents governing such indebtedness may require us to meet or maintain certain financial tests, which may affect our flexibility in planning for, and reacting to, changes in our industry, such as being able to take advantage of acquisition opportunities when they arise; and

increasing our borrowing costs or otherwise limiting our ability to borrow additional funds for the execution of our business strategy.

Finally, the agreements governing our outstanding indebtedness limit our ability to incur additional debt, but such agreements do not prohibit us from doing so. For example, we are negotiating and expect OpCo to enter into the New

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Revolving Credit Facility following the closing of this offering that will refinance and replace our Existing Revolving Credit Facilities. If OpCo enters into the New Revolving Credit Facility, we expect that initial availability under the facility would be approximately $500.0 million. Additionally, the effectiveness of the facility will be conditioned on the repayment and termination of the Existing Revolving Credit Facilities, OpCo’s issuance of the New Senior Unsecured Debt and either the full repayment and termination of the Existing Term Loans or the application of 100% of the net proceeds of the New Senior Unsecured Debt to the amounts outstanding under the Existing Term Loans and the amendment of the Existing Term Loans to permit the New Revolving Credit Facility. However, there can be no assurance of our ability to market or syndicate such debt, and to the extent we are not successful in doing so, even if we enter into the New Revolving Credit Facility, the facility will not become effective and any amounts contemplated to be repaid under the Existing Term Loans will not be repaid.

As a result, we could incur more indebtedness in the future, including indebtedness incurred under or in connection with the New Revolving Credit Facility and the New Senior Unsecured Debt, which would exacerbate the foregoing risks.

We are subject to interest rate risk, which may cause our debt service obligations to increase significantly. The weighted average interest rate on borrowings outstanding under