White & Case Advises WaterBridge on Its Issuance of US$150 Million Preferred Equity Securities for Water Infrastructure Project

Global law firm White & Case LLP has advised WaterBridge Holdings LLC on its issuance of US$345 million of equity capital through the issuance of US$195 million of common equity to Five Point Energy LLC, GIC and management and US$150 million of perpetual preferred equity to a wholly-owned subsidiary of Magnetar. Proceeds of the equity capital were used to fund the acquisition of produced water infrastructure from multiple producers in the Southern Delaware Basin.

In addition to Magnetar's initial US$150 million preferred equity investment, WaterBridge has the ability to issue, and Magnetar Capital has the right to acquire, an additional US$100 million of preferred equity to fund future growth opportunities.

The White & Case team that advised on the transaction was led by partners Steven Tredennick (Mergers & Acquisitions) and Mark Holmes (Banking), and included associates Ted Seeger and Anil Tanyildiz (Mergers & Acquisitions), and partner Chad McCormick (Tax), all based in Houston.

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