WaterBridge prices $1.425 billion in senior unsecured notes

HOUSTON - WaterBridge Infrastructure LLC (NYSE:WBI) announced Tuesday it has priced an offering of $1.425 billion in senior unsecured notes through its subsidiary WBI Operating LLC. The company, which currently maintains a healthy current ratio of 1.41 according to InvestingPro data, demonstrates strong liquidity position with assets well-covering short-term obligations.

The offering consists of $825 million in 6.25% senior unsecured notes due 2030 and $600 million in 6.50% senior unsecured notes due 2033, both priced at par. The transaction is expected to close on October 6, 2025, subject to customary closing conditions.

The water infrastructure company plans to use the net proceeds, along with cash on hand, to repay all outstanding borrowings under its legacy term loan facilities, which totaled $1.712 billion as of September 29, 2025. Any remaining funds will be used for general corporate purposes and working capital. This refinancing comes as the company manages a total debt of $1.13 billion, as reported in recent financial statements.

The notes have not been registered under the Securities Act of 1933 and are being offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons under Regulation S.

WaterBridge operates the largest produced water infrastructure network in the United States, primarily in the Delaware Basin with additional assets in the Eagle Ford and Arkoma Basins. As of August 31, 2025, the company’s infrastructure included approximately 2,500 miles of pipelines and 197 produced water handling facilities, with a total handling capacity exceeding 4.5 million barrels per day. The company generated $644.2 million in revenue over the last twelve months, though InvestingPro analysis reveals it has yet to achieve profitability, with additional insights available to subscribers.

The company provides water management solutions to oil and natural gas exploration and production companies under long-term contracts for gathering, transporting, recycling, and handling produced water.

This article is based on a press release statement from WaterBridge Infrastructure LLC.

In other recent news, WaterBridge Infrastructure LLC announced plans to offer $1.4 billion in senior notes through its subsidiary, WBI Operating LLC. The proceeds from this offering are intended to repay outstanding borrowings under the company’s legacy term loan facilities, which currently total $1.712 billion. Additionally, WaterBridge completed its upsized initial public offering, raising approximately $588 million after deducting expenses. The underwriters fully exercised their option to purchase an additional 4.755 million Class A shares, bringing in around $89 million in net proceeds. This brings the total net proceeds from the IPO to approximately $677 million. WaterBridge’s shares began trading on the New York Stock Exchange at $25 per share, marking a 25% increase from the initial offering price of $20. The company expects to receive the additional proceeds from the optional share purchase on September 22, 2025. These developments reflect significant financial maneuvers by WaterBridge as it navigates its public market debut.

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