WaterBridge lifts term loan to $160 million, revises OID to 99.75

By Sara Rosenberg

New York, Sept. 12 – WaterBridge Midstream Operating LLC upsized its fungible incremental term loan B due June 21, 2026 to $160 million from $150 million and tightened the original issue discount to 99.75 from 99, according to a market source.

Pricing on the incremental term loan matches existing term loan pricing at SOFR+CSA plus 575 basis points with a 1% floor.

CSA is ARRC standard of 11.448 bps one-month rate, 26.161 bps three-month rate and 42.826 bps six-month rate.

As before, the incremental term loan and the existing term loan are getting 101 soft call protection for six months.

Barclays is the left bookrunner on the deal and the administrative agent.

Recommitments were scheduled to be due at noon ET on Tuesday, the source added.

Proceeds will be used with cash on hand to redeem series A-1 Conoco preferred equity.

WaterBridge is a Houston-based midstream company that owns and operates extensive permanent water infrastructure systems strategically located in the Delaware and Arkoma basins.

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