Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 175

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 175
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 obtain funds when needed or on acceptable terms, we may not be able to complete acquisitions that may be favorable to us.

If and to the extent our board of directors were to declare a cash dividend to our Class A shareholders, we currently expect the dividend to be paid from cash from operations. We do not currently expect to borrow funds or to adjust planned capital expenditures to finance dividends on our Class A shares, if any such dividends were to be declared by our board of directors. The timing, amount and financing of dividends, if any, will be subject to the discretion of our board of directors from time to time following this offering. Please see “Dividend Policy.”

Debt Instruments

WaterBridge Midstream Term Loan

On June 27, 2024, WaterBridge Midstream entered into a $1.150 billion term loan facility (the “WBM Term Loan”) with a maturity date of June 27, 2029, with Barclays Bank PLC as administrative agent (“WBM Term Agent”). The WBM Term Loan is secured by a first-priority lien on substantially all assets of WaterBridge Midstream and its subsidiaries and a parent pledge of the equity interests of WaterBridge Midstream, and is also guaranteed by its parent and each of its subsidiaries.

We may elect for outstanding borrowings under the WBM Term Loan to accrue interest at (i) a forward-looking term rate based on the SOFR (“Term SOFR” and loans accruing interest based on Term SOFR, “Term SOFR Loans”) or (ii) a customary base rate (“Base Rate” and loans accruing interest based on Base Rate, “Base Rate Loans”), in each case plus an applicable margin. Term SOFR Loans under the WBM Term Loan bear interest at a variable rate equal to Term SOFR for the applicable interest period plus a margin of 4.75%. Interest on Term SOFR Loans is payable at the end of the applicable interest period. Base Rate Loans bear interest at a rate per annum equal to the highest of (i) the Federal Funds Rate, as in effect from time to time, plus 0.50%, (ii) the prime rate, as published by The Wall Street Journal from time to time as the “bank prime loan” rate and (iii) Term SOFR for a one-month tenor plus 1.00%, in each case, plus 3.75%. Interest on Base Rate Loans is payable quarterly.

Pursuant to the WBM Term Loan, we are required to comply with various