WaterBridge upsizes senior note add-on to $150 million, proceeds to reduce revolver
WBI is in focus after WBI Operating LLC, a subsidiary of WaterBridge Infrastructure LLC (NYSE: WBI), priced $150 million in additional 6.500% senior notes due 2033 at par on August 13. The offering was upsized from the…
Key takeaways
- WBI Operating LLC, a subsidiary of WaterBridge Infrastructure LLC (NYSE: WBI), priced $150 million in additional 6.500% senior notes due 2033 at par on August 13.
- The offering was upsized from an original $100 million target and was expected to close on August 18, 2026.
- The add-on folds into the same series as $600 million of notes issued under an October 6, 2025 indenture, bringing the series to $750 million.
- WaterBridge intends to use the net proceeds to repay a portion of its outstanding revolving credit facility balance.
- The notes were offered under Rule 144A and Regulation S, limiting buyers to qualified institutional investors in the U.S. and eligible purchasers abroad.
WBI is in focus after WBI Operating LLC, a subsidiary of WaterBridge Infrastructure LLC (NYSE: WBI), priced $150 million in additional 6.500% senior notes due 2033 at par on August 13. The offering was upsized from the original $100 million target, and closing was expected August 18, 2026, subject to customary conditions.
The numbers
The new paper folds into the same series as $600 million in notes WBI Operating issued under an indenture dated October 6, 2025, bringing that series to $750 million. The coupon is 6.500% and the maturity is 2033, matching the existing notes exactly. The governing indenture is the same October 6 document; the only distinctions are issue date and issue price.
WaterBridge said it intends to use the net proceeds to repay a portion of the outstanding balance on its revolving credit facility.
The offering structure is Rule 144A and Regulation S. Buyers are limited to qualified institutional investors in the United States and eligible purchasers outside it. The notes are not registered under the Securities Act of 1933 as of the August 13 pricing date, so secondary market access stays within the QIB channel until or unless a registration is filed later.
The setup
WaterBridge operates what it calls the largest integrated produced water infrastructure network in the United States. Primary operations are in the Delaware Basin, with additional assets in the Eagle Ford and Arkoma Basins. The company gathers, transports, recycles, and handles produced water for oil and gas exploration and production companies under long-term contracts. Five Point Infrastructure LLC, a private equity firm with a focus on energy and water infrastructure in the Permian Basin, formed WaterBridge. The company describes itself as a first mover in the water midstream sector. It is headquartered in Houston and trades on both NYSE and NYSE Texas.
CFO Scott McNeely and investor relations director Mae Herrington are the named contacts on the filing.
The closing, which WaterBridge expected on August 18, is the next event on the tape. Watch for the 8-K or supplemental indenture filing that confirms the deal settled.