Maryland reaches $340 million Conowingo Dam agreement with Constellation
WaterBridge Infrastructure LLC (NYSE:WBI) announced that it closed its initial public offering of Class A shares on Thursday. Following the offering, the company completed a series of consolidation transactions on Friday, including the merger of WaterBridge NDB Operating LLC and NDB Intermediate Holdings, LLC with and into WaterBridge Midstream Operating LLC, which will continue as the surviving entity.
On the same day, WaterBridge Midstream Operating LLC, as successor by merger, entered into amendments to two key credit facilities. The company executed Amendment No. 3 to its NDB Revolving Credit Agreement with Truist Bank as administrative agent and collateral agent. This amendment authorizes the successor borrower to assume obligations under the credit facility, provides unsecured guarantees from WaterBridge Infrastructure LLC and WBI Operating LLC, and secures obligations with a first-priority lien on substantially all assets of the company’s subsidiaries, excluding WBI Operating LLC. The amendment also permits the assumption and incurrence of term loan obligations up to $1.15 billion and revolving commitments and loans up to $100 million, subject to lender consent.
Additionally, WaterBridge Midstream Operating LLC entered into Amendment No. 1 to its SDB Revolving Credit Agreement. This amendment provides unsecured guarantees from WaterBridge Infrastructure LLC and WBI Operating LLC and allows the assumption and incurrence of term loan obligations up to $575 million and revolving commitments and loans up to $100 million, with lender consent. It also enables certain debt reclassifications under the Collateral Agency Agreement.
In connection with the IPO, WaterBridge Infrastructure LLC’s board adopted a Long Term Incentive Plan and approved equity-based compensation awards for certain employees, including named executive officers. On Thursday, restricted share unit (RSU) grants were made to the following officers: Jason Long (Chief Executive Officer and Director) received 137,500 RSUs, Michael Reitz (President and Chief Operating Officer) received 95,000 RSUs, Scott L. McNeely (Chief Financial Officer) received 75,000 RSUs, and Harrison Bolling (Executive Vice President, General Counsel) received 70,000 RSUs. The RSUs vest in three equal installments starting on the grant date, contingent on continued employment.
All information is based on a statement from the company’s SEC filing.
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