Select Water Solutions Prices Upsized $900 Million Notes Due 2034

what happened

Select Water Solutions, Inc. has priced an upsized offering of $900 million of 7.625% senior notes due 2034 at par. The deal was increased from an initial $800 million, according to a company press release distributed by PR Newswire.

The notes mature on November 1, 2034 and pay interest on May 1 and November 1 each year, with the first payment due May 1, 2027. The offering is expected to close on October 21, 2026, subject to customary conditions. The issuer is subsidiary Select Water Holdings LLC.

Part of the proceeds will fund the cash consideration for the pending purchase of Pilot Water Solutions LLC. The rest will repay the term loan in full, clear any revolver borrowings, cover fees and support general corporate needs. The offering does not depend on the Pilot Water deal closing. If that acquisition is not completed by March 1, 2027, or is terminated, the issuer must redeem notes equal to the issue size minus $450 million at 100% of issue price plus accrued interest.

why it matters

The issue refinances near-term bank debt and extends maturities, while the redemption clause ties part of the financing to the timing of the Pilot Water closing. Investors will watch whether the acquisition closes on schedule and what leverage targets the company sets afterward. This is not investment advice.

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