Company: WBI
Filing Date: 2025-08-04
Form Type: DRS/A
Source: 0000950123-25-006924
Chunk: 314

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-08-04
Form: DRS/A
Chunk 314
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 the “Transactions”), which are described in further detail below, as if they had occurred on June 30, 2025, for purposes of the unaudited pro forma condensed combined balance sheet, and on January 1, 2024, for purposes of the unaudited pro forma condensed combined statements of operations:

the contemplated transactions described under “Corporate Reorganization” elsewhere in this prospectus;

the initial public offering of Class A shares representing limited liability company interests (“Class A shares”) and the use of the net proceeds therefrom as though the Transactions occurred on June 30, 2025 as described in “Use of Proceeds” elsewhere in this prospectus (the “Offering”). On a pro forma basis, the Company would have expected to retain $45.6 million of the net proceeds from the sale of the Class A shares (based on an assumed initial offering price of $ , the midpoint of the range set forth on the cover of this prospectus), because it expects to use the resulting gross proceeds of $500.0 million, to (i) pay underwriting discounts of $27.5 million and estimated other offering costs of $5.9 million that excludes $1.6 million of expenses paid as of June 30, 2025, (ii) repay $192.4 million of outstanding debt, and (iii) purchase limited liability company interests in WBI Operating LLC (“OpCO”) from the holder thereof for $228.6 million;

a provision for corporate income taxes at an effective rate of 3.56% for the year ended December 31, 2024, inclusive of all U.S. federal, state and local income taxes;

the effects of the Tax Receivable Agreement, as described under “Certain Relationships and Related Party Transactions—Tax Receivable Agreement”; and

the WaterBridge Combination as described elsewhere in this prospectus.

The unaudited pro forma condensed combined balance sheet of the Company is based on the unaudited historical condensed consolidated balance sheets of NDB Operating, WBEF and Desert Environmental as of June 30, 2025 and includes pro forma adjustments to give effect to the described Transactions as if they had occurred on June 30, 2025.

The unaudited pro forma condensed combined statements of operations of the Company are based on the audited historical consolidated statements of operations of NDB Operating, WBEF and Desert Environmental for the year ended December 31, 2024, and the unaudited historical consolidated statements of operations of N