Select Water to offer $800M senior notes due 2034 to fund Pilot Water acquisition

Select Water Solutions, Inc.

$800M of Senior Notes due 2034 offered via 144A/Reg S; proceeds to fund a portion of the Pilot Water acquisition, refinance debt and general purposes.
New $500M senior secured revolver, including $50M letter-of-credit sublimit, effective only on Pilot Water closing; pricing Term SOFR +2.25%-3.25%.
Pilot Water adds ~2.7M bbl/d active permitted disposal capacity, ~0.8M bbl/d undeveloped and 700+ miles of pipeline; 80% of revenue under long-term contracts.
Pro forma total debt $874.9M as of June 30, 2026; existing facility had $228.75M outstanding at Oct 9, 2026 at a 6.95% weighted average rate.
Pilot Water deal carries a $35M termination fee, a $15M milestone payment and an uncapped cash true-up if shares trade below the closing price at six months.

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