Company: WBI
Filing Date: 2025-09-18
Form Type: 424B4
Source: 0001193125-25-206805
Chunk: 180

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-18
Form: 424B4
Chunk 180
---
%, in each case, plus a margin of 3.25% following the WaterBridge Combination. Interest on Base Rate Loans is payable quarterly in arrears. Interest for Term SOFR Loans and Base Rate Loans will decrease by 0.25% when the net first lien leverage ratio is equal to or less than 4.25:1.00 as of the last day of a fiscal quarter.

Pursuant to the NDB Term Loan, we are required to comply with various financial and other covenants common to credit agreements, including (i) a debt service coverage ratio of at least 1.10 to 1.00 as of the last day of each fiscal quarter, measured on a periodic basis, and (ii) restrictions on the ability to incur debt, grant liens, make dispositions, make distributions, engage in transactions with affiliates, and make investments. In addition, we are required to prepay loans under the NDB Term Loan in an amount equal to a portion of or all of our ECF, as defined in the NDB Term Loan, within five days of delivering year-end financials, commencing with the fiscal year ending December 31, 2025, the amount of which is determined by the net first lien leverage ratio as of the last day of the fiscal year. Mandatory prepayments of the NDB Term Loan from ECF are subject to certain deductions, and, in the event ECF in any year is equal to or less than $5.0 million, no mandatory prepayment is required.

The NDB Term Loan contains customary events of default, including for the failure of NDB Operating or other loan parties to comply with the various financial, negative and affirmative covenants under the NDB Term Loan (subject to the cure provisions set forth therein). During the existence of an Event of Default (as defined in the NDB Term Loan), the agent may, or at the direction of the requisite lenders thereunder shall, terminate the commitments and/or declare all outstanding loans and accrued interest and fees under the NDB Term Loan to be immediately due and payable (among other available remedies).

As of December 31, 2024, we had $573.6 million of outstanding borrowings under the NDB Term Loan and the weighted average interest rate was 9.54%. As of June 30, 2025, we had $570.7 million of outstanding borrowings under the NDB Term Loan and the weighted average interest rate was 8.36%. We