WaterBridge Holdings (WaterBridge) has raised USD345 million of equity capital through the issuance of USD195 million of common equity to: funds affiliated with Five Point Energy LLC; an affiliate of GIC; and WaterBridge management, as well as USD150 million of preferred equity to Magnetar Capital, an 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 USD100 million of preferred equity to fund future growth.
David Capobianco, CEO and Managing Partner of Five Point Energy and Chairman of WaterBridge, says: “Our ability to raise attractive capital in a challenging market is a clear reflection of our team’s success in building the premier produced water handling network in one of the most economic and de-risked basins available to producers. The capacity and redundancy offered by our system will continue to be instrumental in supporting current and future customers’ growing development programs in the Southern Delaware Basin.”
