Company: WBI
Filing Date: 2025-09-08
Form Type: S-1/A
Source: 0000950170-25-113383
Chunk: 186

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-08
Form: S-1/A
Chunk 186
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 principal amounts outstanding on the maturity date, June 8, 2027, will become due and payable on such date. At NDB Operating’s election, principal amounts under the NDB Revolving Credit Facility may be borrowed as Term SOFR Loans or Base Rate Loans, in each case with leverage-based applicable margin between 2.75% and 3.75% per annum for SOFR Loans and between 1.75% and 2.75% per annum for Base Rate Loans. NDB Operating also pays a commitment fee to each lender quarterly in arrears on the daily unused amount of the commitment of such lender under the NDB Revolving Credit Facility, which is based on NDB Operating’s leverage ratio then in effect.

As of December 31, 2024, we had $35.0 million of outstanding borrowings under the NDB Revolving Credit Facility and the weighted average interest rate was 8.67%. As of June 30, 2025, we had $70.0 million of outstanding borrowings under the NDB Revolving Credit Facility and the weighted average interest rate was 8.15%. We are currently in compliance with all covenants under the NDB Revolving Credit Facility.

In connection with the WaterBridge Combination, we expect that the NDB Revolving Credit Facility will be assumed by WaterBridge Midstream pursuant to the NDB Assumption and remain outstanding.

In connection with the WaterBridge Combination and the NDB Assumption, certain of the existing collateral documents securing the NDB Term Loan, the WBM Term Loan, the NDB Revolving Credit Facility and the WBM Revolving Credit Facility will be amended, amended and restated, supplemented, or otherwise modified to provide for (i) the Parent Guarantee from the Company, OpCo and WBO of the obligations under the WBM Revolving Credit Facility, (ii) for collateral securing obligations under the NDB Term Loan and the NDB Revolving Credit Facility to also secure the obligations under the WBM Term Loan and the WBM Revolving Credit Facility, (iii) collateral securing obligations under the WBM Term Loan and the WBM Revolving Credit Facility to also secure obligations under the NDB Term Loan and the NDB Revolving Credit Facility and (iv) the grant of security interests by certain subsidiaries of Desert Environmental to secure the obligations under each Credit Facility, following which, the NDB Revolving Credit Facility will be secured by a first-priority lien on substantially all of our assets.

In addition