secwatch.observer — SEC 8-K summary
======================================

Issuer:     Select Water Solutions, Inc. (WTTR)
CIK:        0001693256
Form:       8-K
Filed at:   2026-10-21T20:22:25+00:00
Accession:  0001104659-26-117850
Event type: debt
Sentiment:  neutral
Materiality: 0.60
Item codes: 1.01, 2.03, 9.01
LLM model:  deepseek-v4.1-flash:cloud@v2

Select Water issues $900M of 7.625% senior notes due 2034, tied to Pilot Water deal deadline
--------------------------------------------------------------------------------

- Select Water Holdings LLC issued $900M of 7.625% senior notes due Nov 1, 2034; interest payable semi-annually May 1 and Nov 1, starting May 1, 2027.
- Special mandatory redemption: if the Pilot Water Solutions LLC acquisition is not closed by March 1, 2027, notes above $450M must be redeemed at issue price plus accrued interest.
- Notes are senior unsecured, guaranteed only by subsidiaries backing the revolver; neither Select Water Solutions nor SES Holdings guarantees them.
- Optional redemption: 40% equity clawback at 107.625% before Nov 1, 2029; then 103.813% (2029), 101.906% (2030), 100% (2031+); make-whole before 2029.
- Change of control plus two-agency downgrade triggers a 101% repurchase offer; covenants cap debt, dividends, liens, investments and affiliate deals.

Source:
  EDGAR index:    https://www.sec.gov/Archives/edgar/data/1693256/000110465926117850/0001104659-26-117850-index.htm
  Primary doc:    https://www.sec.gov/Archives/edgar/data/1693256/000110465926117850/tm2628031d1_8k.htm
  HTML page:      https://secwatch.observer/filing/0001104659-26-117850

License: Source filings: public domain (SEC EDGAR). Summaries (headline + bullets): CC-BY-4.0; attribute https://secwatch.observer