Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 485

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 485
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 payable on the last business day of each interest period. Additionally, in respect of any repayment of borrowings under the Term Loan, accrued interest on the principal amount so repaid shall be payable on the date of such repayment. The Credit Facilities are subject to customary financial and non-financial covenants, including (i) until June 30, 2024, a maximum total funded debt to total capitalization ratio of 35%, (ii) after June 30, 2024, (a) a minimum fixed charge coverage ratio of 1.25:1.00 and (b) a maximum total leverage ratio of 2.25:1.00, and (iii) restrictions on the ability to incur debt, grant liens, make dispositions, make distributions, engage in transactions with affiliates, or make investments. The term loan incurred interest at an average rate of 9.12% during 2024. Interest expense incurred on all outstanding debt for the years ended December 31, 2024 and 2023, was $930 thousand and $54 thousand, respectively. The estimated fair value of the debt approximates the principal amount outstanding because the interest rates are variable and reflective of market rates and the debt may be repaid, in full or in part, at any time without penalty. For the years ended December 31, 2024 and 2023, the Company paid $14 thousand and $346 thousand, respectively, in debt issuance costs related to both the Term Loan and Revolving Credit Facility and reflects the amortization of these costs as interest expense. For the years ended December 31, 2024 and 2023, the Company recognized $70 thousand and $17 thousand in amortized debt issuance costs, respectively.

<div align='center'>F-119

Desert Environmental LLC and Subsidiaries

Notes to Consolidated Financial Statements</div>

Insurance Note Payable During 2024, the Company entered into two promissory notes for the payment of insurance premiums with an aggregate principal amount of $979 thousand payable through December 2025. The notes payable incurred interest at a fixed rate of 8.362% and 7.94% during 2024. Interest expense incurred on the outstanding notes payable during the year ended December 31, 2024 was $19 thousand. At December 31, 2024, there was a $527 thousand outstanding balance on the note payable. During 2023, the Company entered into a promissory