Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 41

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 41
---
468,597 of our Class B shares, representing 54.3% of our common shares, and an approximate 51.3% interest in OpCo;

Devon Holdco will own 17,692,370 of our Class B shares, representing 15.5% of our common shares, and an approximate 15.5% interest in OpCo;

Elda River will own 4,054,054 of our Class B shares, representing 3.6% of our common shares, and an approximate 3.6% interest in OpCo;

GIC will own 3,385,705 of our Class A shares, representing 3.0% of our common shares; and

WaterBridge will own an approximate 29.6% interest in OpCo and will serve as the managing member of OpCo.

Our organizational structure following the offering and the Corporate Reorganization is commonly referred to as an Up-C structure. Pursuant to this structure, following this offering we will hold a number of OpCo Units equal to the number of our issued and outstanding Class A shares, and OpCo Unitholders (other than us) will hold a number of OpCo Units equal to the number of our issued and outstanding Class B shares. The Up-C structure was selected in order to (i) provide our Existing Owners with an option to continue to hold their economic ownership interests in our business in “pass-through” form for U.S. federal income tax purposes through their ownership of OpCo Units and (ii) potentially allow our Existing Owners and us to benefit from certain net cash tax savings that we might realize in the future, as more fully described in the subsection titled “Certain Relationships and Related Party Transactions—Tax Receivable Agreement.”

The diagrams under “—Organizational Structure” below depict a simplified version of our organization and ownership structure immediately before and after giving effect to this offering and the Corporate Reorganization.

For further details on our agreements with OpCo and its affiliates, please see “Certain Relationships and Related Party Transactions.”

We are negotiating and expect OpCo to enter into a new revolving credit facility (the “New Revolving Credit Facility”) following the closing of this offering that will refinance and replace our Existing Revolving Credit Facilities (as defined below). We anticipate that the New Revolving Credit Facility will be a senior secured revolving credit facility that will be guaranteed by certain subsidiaries of OpCo and secured by substantially all assets of OpCo and the subsidiary guarantors. We expect that aggregate commitments under the New Revolving