Gainesville, Texas – October 14, 2026 -- Select Water Solutions, Inc. (NYSE: WTTR) priced an upsized $900 million offering of 7.625% senior notes due 2034 through its subsidiary Select Water Holdings LLC, raising the deal by $100 million from the initial $800 million.
Notes priced at par with semiannual coupons starting May 2027
The notes mature on November 1, 2034, and pay interest at 7.625% per year on May 1 and November 1. The first payment is due May 1, 2027. The offering is expected to close on October 21, 2026, subject to customary closing conditions.
The notes are guaranteed jointly and severally on a senior unsecured basis by existing subsidiaries that are borrowers or guarantors under the revolving credit facility. Future restricted subsidiaries that guarantee certain indebtedness of the issuer or a guarantor under any credit facility will also guarantee them.
Proceeds to fund Pilot Water Solutions acquisition and retire bank debt
Select will combine net proceeds with cash on hand to fund part of the cash consideration for its previously announced acquisition of Pilot Water Solutions LLC. The money will also repay the term loan facility in full, along with any outstanding revolving credit facility loans and accrued interest. Fees, premiums and expenses, plus general corporate purposes and working capital, make up the remaining uses.
The offering is not contingent on completing the Pilot Water acquisition.
Special mandatory redemption applies if acquisition fails by March 1, 2027
Select must redeem a portion of the notes if the acquisition is not completed by March 1, 2027, or by a later outside date agreed by the parties. The same applies if the issuer notifies trustee U.S. Bank Trust Company, National Association, before that date that the acquisition agreement has been terminated or will not be pursued.
The redemption amount equals the principal issued less $450 million, which implies $450 million of notes would remain outstanding on the $900 million issue. Redemption would be at 100% of the issue price of the notes redeemed, plus accrued and unpaid interest to, but excluding, the redemption date.
Offering limited to institutional buyers and non-U.S. persons
The notes and guarantees are unregistered under the Securities Act of 1933. They are offered only to qualified institutional buyers under Rule 144A and to non-U.S. persons outside the United States under Regulation S.