Select Water prices upsized $900M of 7.625% senior notes due 2034 to help fund Pilot Water acquisition

Select Water Solutions, Inc.

$900M of 7.625% senior notes due Nov 1, 2034 priced at par; offering upsized from $800M; net proceeds ~$882.6M; closing expected Oct 21, 2026.
Proceeds plus cash on hand to fund part of the Pilot Water Solutions LLC acquisition, repay term loan in full and revolver borrowings, pay fees, and for general corporate purposes.
Offering not contingent on Pilot Water deal; if it isn't completed by March 1, 2027 or is terminated, Issuer must redeem notes equal to principal issued less $450M at 100% plus interest.
Notes guaranteed jointly and severally on a senior unsecured basis by existing subsidiary borrowers/guarantors under the revolver; interest payable May 1 and Nov 1, first payment May 1, 2027.
Sold in a private placement under Rule 144A/Regulation S; J.P. Morgan Securities LLC and BofA Securities, Inc. are representatives of the initial purchasers.

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