The offering, conducted through subsidiary Select Water Holdings LLC, targets qualified institutional buyers under Rule 144A and Regulation S. Proceeds from the sale, combined with cash on hand and new credit facility borrowings, will cover the Pilot Water Acquisition, retire current term loans, and settle existing revolving credit balances. The company noted that the bond sale is not contingent on the closing of the acquisition.
Select Water Solutions Launches $800 Million Debt Offering
Select Water Solutions, Inc. is moving to raise $800 million through an offering of senior notes due in 2034. The Gainesville-based provider of water infrastructure for the energy industry intends to deploy the capital to fund its acquisition of Pilot Water Solutions and restructure existing debt obligations.
Should the Pilot Water deal fail to materialize by March 1, 2027, or if the agreement is terminated earlier, the issuer faces a mandatory partial redemption. In such a scenario, the company must redeem the notes down to a remaining principal of $450 million at face value plus accrued interest. The notes will be backed by senior unsecured guarantees from the issuer's existing and future credit facility guarantors.
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