WaterBridge Announces Closing of $345 Million of Additional Equity Capital to Fund Strategic Acquisitions – $150 Million Preferred Equity and $195 Million Common Equity will Fund the Acquisition of Produced Water Infrastructure from Multiple Southern Delaware Producers
HOUSTON, Dec. 18, 2019 /PRNewswire/ — WaterBridge Holdings LLC (together with its subsidiaries, “WaterBridge”) announced today that it has raised $345 million of equity capital through the issuance of $195 million of common equity to: funds affiliated with Five Point Energy LLC; an affiliate of GIC; and WaterBridge management, as well as $150 million of preferred equity to Magnetar Capital, a leading alternative asset manager. Proceeds will be used to fund acquisitions of produced water infrastructure from Primexx Energy Partners, Tall City Exploration III and Jetta Permian, as well as organic growth projects in the Southern Delaware Basin. In addition, WaterBridge has the ability to issue, and Magnetar Capital has the right to acquire, an additional $100 million of preferred equity to fund future growth.