WaterBridge Launches $100M Senior Notes Offering to Repay Revolver
WBI sits 70% above its 52-week low of $18.64.
Summary
WaterBridge announced a $100 million add-on offering of 6.500% senior notes due 2033 to repay revolver borrowings, following a revolver upsize and pending landfill acquisition.
Key Events · Financing and Capital Events · WBI
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$100M Senior Notes Offering Launched
WBI Operating LLC intends to offer $100 million in additional 6.500% senior notes due 2033 in a private placement under Rule 144A and Regulation S. The notes will be fungible with the existing $600 million of 6.500% notes due 2033.
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Proceeds to Repay Revolver
Net proceeds will repay a portion of outstanding borrowings under the revolving credit facility, which was upsized from $500 million to $750 million on August 4, 2026.
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Leverage Expected to Rise
Pro forma net debt is $1.759 billion, with net leverage of 3.5x Covenant EBITDA, up from 3.3x actual as of June 30, 2026. The company targets long-term leverage below 3.0x.
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Acquisitions Disclosed
The filing discloses the $80 million Ranger Water Midstream acquisition closed June 22, 2026, and the pending $189 million Northern Delaware Basin Landfill acquisition (net $169 million after selling 560 acres to LandBridge for $20 million).
Analysis · WBI · Energy & Transportation
WaterBridge is tapping debt markets for $100 million in additional 6.500% senior notes due 2033, using proceeds to pay down its revolving credit facility. The offering comes just days after the company upsized that revolver from $500 million to $750 million and announced a $189 million landfill acquisition. The notes are being issued under the same indenture as the existing $600 million of 6.500% notes, so they rank pari passu with existing debt. Net leverage is expected to rise to 3.5x Covenant EBITDA from 3.3x, still below the company's stated long-term target of under 3.0x but moving in the wrong direction. The filing also discloses the Ranger Water Midstream acquisition closed in June for $80 million and provides updated operational metrics showing 2,814 miles of pipeline and 225 water handling facilities.
At the time of this filing, 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 filing was assessed with neutral market sentiment and an importance score of 7 out of 10.