filecrux
$WTTR Select Water Solutions, a water and chemicals supplier to drillers, plans $800M of 2034 notes to help fund its $600M-cash Pilot Water buy and repay term loans. June 30, 2026 pro forma debt: ~$874.9M, vs ~$259.6M on Select's own books. The notes are ~31% of its ~$2.59B market value at the Oct 9, 2026 close of $19.755; 2025 pro forma Adjusted EBITDA: $371.05M. Offset: Pilot is guided to add $120-130M of 2027E EBITDA (vs $100-110M 2026E), mostly via one new 175k bbl/day contract. Close due Q4 2026; miss Mar 1, 2027 and notes over $450M are redeemed.
