WaterBridge secures $500M revolver and launches $1.4B senior notes to refinance term loans

WaterBridge Infrastructure LLC

Enters $500M secured revolving credit facility with Truist Bank and other lenders; maturity September 2030 or earlier per terms.
Announces private offering of $1.4B in two series of senior notes to repay legacy term loans with $1.712B outstanding.
Proceeds from notes plus cash on hand used to refinance term loans; revolver available for working capital.
Credit Agreement covenants: interest coverage >=2.50x, net leverage <=5.00x (step-up to 5.25x post-acquisition), senior secured leverage <=3.50x.
Pricing: SOFR + 2.00%-3.00% margin based on leverage; base rate +1.00%-2.00%.

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