Waters Subsidiary Completes $3.5 Billion Senior Notes Offering to Refinance Acquisition Debt

summarizeSummary

Waters Corporation's subsidiary completed a $3.5 billion senior notes offering to refinance debt related to its recent $16.8 billion acquisition.

check_boxKey Events

• Completed $3.5 Billion Senior Notes Offering

  Augusta SpinCo Corporation, a Waters subsidiary, completed a public offering of $3.5 billion in senior notes across five tranches with maturities ranging from 2027 to 2036 and interest rates from 4.321% to 5.245%.

• Refinancing of Acquisition Debt

  The net proceeds from the offering will be used to repay a $3.5 billion delayed draw term loan incurred in February 2026, which was part of the financing for the $16.8 billion acquisition of BD's Biosciences & Diagnostic Solutions business.

• Parent Company Guarantee

  The notes are fully and unconditionally guaranteed on a senior unsecured basis by Waters Corporation and certain of its subsidiaries.

• Finalizes Prior Disclosure

  This filing finalizes the terms and completion of the offering that was previously priced and disclosed on March 17, 2026.

auto_awesomeAnalysis

Waters Corporation's subsidiary, Augusta SpinCo Corporation, has successfully completed a $3.5 billion public offering of senior notes. This offering finalizes the terms and pricing of the debt issuance that was initiated on March 17, 2026. The proceeds from this offering will be used to repay a $3.5 billion delayed draw term loan incurred in February 2026, which was a key financing component for the recently closed $16.8 billion acquisition of BD's Biosciences & Diagnostic Solutions business. The successful completion of this substantial refinancing provides financial certainty and strengthens the company's capital structure following the major acquisition.