Loan & DebtAug 13, 2026, 09:24 AM
WaterBridge to Offer $100M Senior Notes for Debt Repayment
AI Summary
WaterBridge Infrastructure LLC announced that its subsidiary, WBI Operating LLC, intends to commence a private offering of an additional $100 million in aggregate principal amount of 6.500% Senior Notes due 2033. The company plans to use the net proceeds to repay a portion of its outstanding revolving credit facility borrowings. This announcement follows recent strategic moves including the acquisition of Ranger Water Midstream for $80 million and an agreement to acquire the Northern Delaware Basin Landfill for a net $169 million, alongside an upsizing of its revolving credit facility to $750 million with improved terms.
Key Highlights
- WBI Operating LLC intends to offer $100,000,000 in 6.500% Senior Notes due 2033.
- Proceeds from the offering will repay outstanding borrowings under its revolving credit facility.
- Acquired Ranger Water Midstream for $80 million cash on June 22, 2026.
- Agreed to acquire Northern Delaware Basin Landfill for net $169 million, closing Q3 2026.
- Revolving Credit Facility increased from $500 million to $750 million, with reduced margins.
- Speedway Pipeline Phase I commenced operations in July 2026 with 500,000 bpd capacity.
- Covenant EBITDA (as further adjusted) is $501,820,000.
- Net Debt / Covenant EBITDA (as further adjusted) is 3.5x.
Price Impact
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