Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 356

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 356
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Notes to the Unaudited Pro Forma Condensed Combined Financial Statements</div>

Corporate Reorganization and Offering Adjustments to Unaudited Pro Forma Condensed Combined Financial Information The Company made the following adjustments and assumptions in the preparation of the unaudited pro forma condensed combined balance sheet: (a) Reflects an increase in cash of $30.0 million related to additional borrowings the Company made under its NDB Revolving Credit Facility and the WBM Revolving Credit Facility that occurred subsequent to June 30, 2025. In addition, reflects the following adjustments:

| Gross proceeds from Offering                                   |     | $ | 499,500 |
| Less:                                                          |     |   |         |
| Underwriting discounts and commissions                         |     |   |  29,970 |
| Issuance expenses(1)                                           |     |   |   6,811 |
| Proceeds, net of underwriting and issuance expenses            |     | $ | 462,719 |
| Less:                                                          |     |   |         |
| Repayment of outstanding debt                                  |     |   | 129,000 |
| Acquisition of OpCo interests                                  |     |   | 228,162 |
| Retained proceeds from offering                                |     | $ | 105,558 |
| (1) Excludes $1.6 million of expenses paid as of June 30, 2025 |     |   |         |

(b) Represents the elimination of $5.1 million deferred offering costs associated with the Offering from Other assets and $3.5 million from Accrued liabilities, respectively, to reflect these costs being charged against the proceeds of this Offering. (c) Represents a $70.0 million paydown of the NDB Revolving Credit Facility, a $15.0 million paydown of the WBM Revolving Credit Facility, a $14.0 million paydown of the Desert Environmental Term Loan, and the write-off of debt issuance costs of $0.5 million within Prepaid expenses and other current assets and $0.4 million within Other assets. Subsequent to June 30, 2025, the Company made additional borrowings under its revolving credit facilities, including a $10.0 million draw on the NDB Revolving Credit Facility and a $10.0 million draw on the WBM Revolving Credit Facility. Prior to completion of this offering, the Company expects to borrow an additional $10.0 million under the NDB Revolving