Waters completes $3.5 billion senior notes offering to repay term loan debt
Waters Corporation's subsidiary Augusta SpinCo Corporation completed a $3.5 billion offering of senior notes in five tranches maturing from 2027 to 2036. The company plans to use the proceeds, together with cash on hand, to repay $3.5 billion of debt under a delayed draw term loan incurred in February 2026, replacing short-term borrowing with longer-dated notes.
Key points
- Five tranches totaling $3.5 billion, with coupons from 4.321% (due 2027) to 5.245% (due 2036)
- Net proceeds plus cash on hand to repay $3.5 billion under the delayed draw term loan incurred in February 2026
- Notes are fully and unconditionally guaranteed on a senior unsecured basis by Waters and certain subsidiaries
- Underwriting agreement dated March 17, 2026, led by Barclays, Citigroup, J.P. Morgan, BofA Securities and HSBC
The filing
Written by AI (Anthropic Claude, claude-haiku-5-5) on Nov 8, 2026, 1:30 AM ET, from the text of the filing and its press-release exhibits only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on March 23, 2026.
Briefs are written by AI from the filing text (each brief's own page names the model) and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the model's reading of the filing for shareholders, not a price forecast. Not investment advice.