Select Water Solutions, Inc. (NYSE: WTTR) announced on October 14, 2026, that its subsidiary, Select Water Holdings LLC, has priced $900 million in aggregate principal amount of 7.625% Senior Notes due 2034. The offering was upsized from an initial size of $800 million and is being conducted as a private placement under Rule 144A and Regulation S.
The notes, priced at par, will mature on November 1, 2034, and pay interest semi-annually on May 1 and November 1. The first interest payment is scheduled for May 1, 2027. The issuance is expected to close on October 21, 2026, subject to customary closing conditions.
Net proceeds from the sale are estimated at approximately $882.6 million, after deducting the Initial Purchasers' discount and estimated offering expenses. The company intends to use these funds, combined with cash on hand, to (i) fund a portion of the cash consideration for the acquisition of Pilot Water Solutions LLC, (ii) repay outstanding obligations under its term loan facility and revolving credit facility, (iii) pay related fees and expenses, and (iv) for general corporate purposes and working capital.
The offering is not contingent on the completion of the Pilot Water Acquisition. However, if the acquisition is not completed by March 1, 2027, or if the agreement is terminated prior to that date, the company is required to redeem a portion of the notes equal to the principal amount issued less $450 million, at 100% of the issue price plus accrued interest.
