Waters Prices $3.5B Senior Notes in Five Tranches Yielding 4.321%–5.245%
On March 18, Waters priced $3.5B of senior notes via Augusta SpinCo, split into five tranches: $650M 4.321% due 2027, $600M 4.398% due 2029, $750M 4.656% due 2031, $750M 4.945% due 2033 and $750M 5.245% due 2036. Proceeds plus cash will repay $3.5B of delayed draw term loan indebtedness incurred in February 2026.
1. Offering Structure
On March 18, Waters subsidiary Augusta SpinCo priced five tranches totaling $3.5 billion of senior notes: $650 million 4.321% due 2027, $600 million 4.398% due 2029, $750 million 4.656% due 2031, $750 million 4.945% due 2033 and $750 million 5.245% due 2036, each issued at par.
2. Use of Proceeds
Net proceeds, together with existing cash, will be used to repay $3.5 billion of outstanding delayed draw term loan indebtedness incurred by Augusta in February 2026, effectively refinancing near-term debt obligations.
3. Guarantees and Closing
The notes will be fully and unconditionally guaranteed by Waters and its direct and indirect subsidiaries, and the offering is scheduled to close on or about March 23, 2026, subject to customary closing conditions.