Select Water Solutions, Inc. filed a Form 8-K on November 2, 2026, reporting the completion of its acquisition of Pilot Water Solutions LLC, the termination of its Sustainability-Linked Credit Facility, and the effectiveness of a new $500.0 million revolving credit facility.

Key Highlights

  • Acquisition closed: Select LLC acquired all issued and outstanding membership interests in Pilot Water Solutions LLC, a water midstream company with produced water disposal and pipeline infrastructure in the Delaware Basin, on November 2, 2026.
  • Cash consideration: Approximately $600.0 million in cash was paid at closing, subject to customary post-closing adjustments.
  • Equity consideration: 5,149,331 shares of Class A common stock, par value $0.01 per share, were delivered to the sellers at closing.
  • Contingent payment: A $15.0 million contingent payment is payable to Pilot OFS upon the satisfaction of certain operational milestones.
  • Old credit facility terminated: The Sustainability-Linked Credit Facility was terminated on November 2, 2026; at the time of repayment, $10.0 million of principal was outstanding under the Revolving Credit Facility, and the Term Loan Facility had previously been repaid in full with $218.8 million of principal outstanding at that time.
  • New revolving credit facility effective: A senior secured revolving credit facility of up to $500.0 million, with a $50.0 million letter of credit sublimit, became effective on November 2, 2026, with JPMorgan Chase Bank, N.A. as administrative agent.

Pilot Water Acquisition Closes, Financing Structure Reshapes Select Water Solutions' Balance Sheet

According to the filing, Select Water Solutions, Inc. (NYSE:WTTR) completed the Pilot Water Acquisition on November 2, 2026, through its indirect subsidiary Select Water Solutions, LLC. The sellers were Pilot OFS Holdings LLC and Minerva Infrastructure IA LLC. Pilot Water Solutions LLC is described in the filing as "a water midstream company with produced water disposal and pipeline infrastructure in the Delaware Basin." The aggregate consideration consisted of approximately $600.0 million in cash, subject to post-closing adjustments, and 5,149,331 shares of the company's Class A common stock.

The filing also discloses a price true-up mechanism tied to the equity consideration. If the 30-day volume-weighted average price of the Class A common stock as of the trading day immediately prior to the six-month anniversary of the closing date falls below the corresponding price immediately prior to closing, Select LLC is obligated to make a cash true-up payment to Pilot OFS, reduced by any cash dividends received or declared on the equity consideration during that period. In addition, a $15.0 million contingent payment is payable to Pilot OFS upon satisfaction of certain operational milestones, according to the filing.

On the closing date, the company also reported the termination of the Sustainability-Linked Credit Facility, originally entered into on January 24, 2025, which had provided $300.0 million in revolving commitments and $250.0 million in term commitments. The Term Loan Facility had been repaid in full on October 21, 2026, with $218.8 million of principal outstanding at that time, following the closing of the company's $900.0 million 7.625% Senior Notes due 2034 offering. The new $500.0 million revolving credit facility, administered by JPMorgan Chase Bank, N.A., became effective simultaneously with the acquisition closing. Borrowings under the new facility bear interest at Term SOFR plus a margin of 2.25% to 3.25%, or the Alternate Base Rate plus a margin of 1.25% to 2.25%, based on Select Holdings' net total leverage ratio, according to the filing.

What Was Disclosed

The filing reports the November 2, 2026, closing of the Pilot Water Acquisition for approximately $600.0 million in cash and 5,149,331 shares of Class A common stock, the termination of the prior Sustainability-Linked Credit Facility, and the effectiveness of a new $500.0 million senior secured revolving credit facility.