WaterBridge Launches $100M Senior Notes Offering at 6.5% Due 2033
WBI sits 70% above its 52-week low of $18.64.
Summary
WaterBridge is tapping the debt market with a $100 million add-on offering of its 6.500% senior notes due 2033. The company just posted record Q2 revenue of $217.8 million and raised full-year guidance, so this looks like opportunistic financing to fund growth or refinance existing debt. The notes are being issued at a fixed 6.5% coupon, which is in line with current high-yield energy infrastructure paper. No use of proceeds was disclosed, but the timing right after a strong quarter suggests management is capitalizing on improved credit sentiment. Watch for pricing details and whether the offering is upsized due to demand.
At the time of this announcement, WBI was trading at $31.75 on NYSE in the Energy & Transportation sector, with a market capitalization of approximately $3.9B. The 52-week trading range was $18.64 to $36.89. This news item was assessed with neutral market sentiment and an importance score of 7 out of 10. Source: Reuters.