Company: WBI
Filing Date: 2025-09-15
Form Type: S-1/A
Source: 0001193125-25-202719
Chunk: 94

Company: WaterBridge Infrastructure LLC
Filing Date: 2025-09-15
Form: S-1/A
Chunk 94
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 obtained on favorable terms, if at all. In addition, any failure to service our debt, including paying interest or principal on a timely basis, would likely result in a reduction of our credit rating, if any, which could harm our ability to incur additional indebtedness. In addition, if we fail to comply with the covenants or other terms of any agreements governing our debt, our lenders will have the right to accelerate the maturity of that debt and foreclose upon the collateral, if any, securing that debt.

Our indebtedness could have important consequences to you and significant effects on our business, including:

increasing our vulnerability to adverse changes in general economic, industry and competitive conditions and limiting our ability to address such changes;

requiring us to dedicate a substantial portion of our cash flow from operations to make payments on our indebtedness, thereby reducing the availability of our cash flow to fund general company and other purposes, including capital expenditures and dividend payments;

restricting us from exploiting business opportunities and making strategic acquisitions;

making it more difficult to satisfy our financial obligations, including payments on our indebtedness, and contractual and commercial commitments;

disadvantaging us when compared to our competitors that have less debt;

complying with covenants contained in the documents governing such indebtedness may require us to meet or maintain certain financial tests, which may affect our flexibility in planning for, and reacting to, changes in our industry, such as being able to take advantage of acquisition opportunities when they arise; and

increasing our borrowing costs or otherwise limiting our ability to borrow additional funds for the execution of our business strategy.

Finally, the agreements governing our outstanding indebtedness limit our ability to incur additional debt, but such agreements do not prohibit us from doing so. For example, we are negotiating and expect OpCo to enter into the New

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Revolving Credit Facility following the closing of this offering that will refinance and replace our Existing Revolving Credit Facilities. If OpCo enters into the New Revolving Credit Facility, we expect that initial availability under the facility would be approximately $500.0 million. Additionally, the effectiveness of the facility will be conditioned on the repayment and termination of the Existing Revolving Credit Facilities, OpCo’s issuance of the New Senior Unsecured Debt and either the full repayment and termination of the Existing Term Loans or the application of 100% of the net proceeds of the New Senior Unsecured Debt to the amounts outstanding under the Existing Term Loans and the amendment of the Existing Term Loans to permit