- WBI Operating LLC, a subsidiary of WaterBridge Infrastructure LLC, completed a **private placement** of **$1.425 billion** aggregate principal amount of Senior Notes on **October 6, 2025**.  **[2064947_0001193125-25-232163_wbi-20251006.htm:1]** 
- The offering consisted of **$825 million** of **6.250% Senior Notes due 2030** and **$600 million** of **6.500% Senior Notes due 2033**.  **[2064947_0001193125-25-232163_wbi-20251006.htm:1]** 
- The net proceeds from this offering, combined with cash on hand, will be used to **repay $1.712 billion** in outstanding borrowings under legacy term loan facilities as of September 29, 2025, and for general corporate purposes.  **[2064947_0001193125-25-232163_wbi-20251006.htm:1]**

WaterBridge Infrastructure LLC Subsidiary Completes $1.425 Billion Senior Notes Private Placement

- WaterBridge Infrastructure LLC's subsidiary, WBI Operating LLC, announced the pricing of an upsized **$1.425 billion** offering of senior unsecured notes on **September 30, 2025**.  **[2064947_0001193125-25-225290_wbi-ex99_1.htm:0]** **[2064947_0001193125-25-225290_wbi-20250930.htm:1]** 
- The offering comprises **$825 million** of **6.25% senior unsecured notes due 2030** and **$600 million** of **6.50% senior unsecured notes due 2033**.  **[2064947_0001193125-25-225290_wbi-ex99_1.htm:0]** **[2064947_0001193125-25-225290_wbi-20250930.htm:1]** 
- The net proceeds, along with cash on hand, are intended to repay **$1.712 billion** in outstanding borrowings under legacy term loan facilities as of September 29, 2025, and for general corporate purposes.  **[2064947_0001193125-25-225290_wbi-ex99_1.htm:0]** 
- The offering is expected to close on **October 6, 2025**.  **[2064947_0001193125-25-225290_wbi-ex99_1.htm:0]**

WaterBridge Announces Pricing of $1.425 Billion Senior Notes Offering

- WaterBridge Infrastructure LLC announced a **final investment decision** on **September 29, 2025**, to proceed with the first phase of the **Speedway Pipeline** development.  **[2064947_0001193125-25-224311_wbi-20250929.htm:1]** 
- The initial phase of the project is expected to incur development costs of approximately **$290 million**.  **[2064947_0001193125-25-224311_wbi-20250929.htm:1]** 
- Construction is anticipated to commence in the **fourth quarter of 2025**, with the pipeline and related handling facilities expected to be completed and in service by **mid-2026**.  **[2064947_0001193125-25-224311_wbi-20250929.htm:1]** 
- Upon completion, the initial phase of the Speedway Pipeline is projected to provide access to **1.0 million barrels per day** of approved produced water handling capacity.  **[2064947_0001193125-25-224311_wbi-20250929.htm:1]**

WaterBridge Infrastructure LLC Announces Speedway Pipeline Development

- **WaterBridge Infrastructure LLC** announced on **September 29, 2025**, that its subsidiary, WBI Operating LLC, intends to offer **$1.4 billion** in aggregate principal amount of senior notes.  **[2064947_0001193125-25-221810_wbi-ex99_1.htm:0]** **[2064947_0001193125-25-221810_wbi-20250926.htm:4]** 
- The company plans to use the net proceeds from this offering, along with cash on hand, to repay **$1.712 billion** in outstanding borrowings under legacy term loan facilities, as of **September 29, 2025**.  **[2064947_0001193125-25-221810_wbi-ex99_1.htm:0]** 
- The notes will be offered in a private placement to eligible purchasers and have not been registered under the Securities Act of 1933.  **[2064947_0001193125-25-221810_wbi-ex99_1.htm:0]**

WaterBridge Announces Launch of Senior Notes Offering

- An **Amendment No. 3 to Revolving Credit Agreement** was executed on **September 19, 2025**, with WaterBridge Midstream Operating LLC designated as the **Successor Borrower**.  **[2064947_0001193125-25-215831_wbi-ex10_1.htm:1]** 
- On **September 19, 2025**, WaterBridge NDB Operating LLC and NDB Intermediate Holdings, LLC **merged** with and into WaterBridge Midstream Operating LLC, which survived the merger.  **[2064947_0001193125-25-215831_wbi-ex10_1.htm:1]** 
- Concurrently, all equity interests in **Desert Environmental LLC were contributed** to the Successor Borrower on **September 19, 2025**.  **[2064947_0001193125-25-215831_wbi-ex10_1.htm:1]**

WaterBridge Midstream Operating LLC Amends Revolving Credit Agreement and Completes Merger

- WaterBridge Infrastructure LLC **priced its upsized initial public offering** of **31,700,000 Class A shares** at **$20.00 per Class A share** on September 16, 2025.  **[2064947_0001193125-25-207591_wbi-ex99_1.htm:0]** 
- The Class A shares began trading on the **New York Stock Exchange (NYSE)** and **NYSE Texas, Inc.** under the ticker symbol **"WBI"** on **September 17, 2025**.  **[2064947_0001193125-25-207591_wbi-ex99_1.htm:0]** 
- The offering closed on **September 18, 2025**, with the underwriters exercising their option in full to purchase an additional **4,755,000 Class A shares**.  **[2064947_0001193125-25-207591_wbi-ex99_2.htm:0]** 
- WaterBridge received **net proceeds of approximately $588 million** from the initial offering and expects an additional **$89 million** from the option shares, totaling approximately **$677 million**.  **[2064947_0001193125-25-207591_wbi-ex99_1.htm:0]** **[2064947_0001193125-25-207591_wbi-ex99_2.htm:0]** 
- WaterBridge is a leading integrated, pure-play water infrastructure company operating the largest produced water infrastructure network in the United States, handling over **2.6 million bpd** of produced water as of August 31, 2025.  **[2064947_0001193125-25-207591_wbi-ex99_1.htm:0]**

WaterBridge Infrastructure (WBI)