Kirkland Advises Waters Corporation on $3.5 Billion Senior Notes Offering

Kirkland & Ellis advised Waters Corporation (NYSE: WAT) on its inaugural registered offering of $3.5 billion aggregate principal amount of senior notes, consisting of (i) $650 million aggregate principal amount of 4.321% Senior Notes due 2027, (ii) $600 million aggregate principal amount of 4.398% Senior Notes due 2029, (iii) $750 million aggregate principal amount of 4.656% Senior Notes due 2031, (iv) $750 million aggregate principal amount of 4.945% Senior Notes due 2033 and (v) $750 million aggregate principal amount of 5.245% Senior Notes due 2036. The notes were issued by Waters Corporation's wholly owned subsidiary, Augusta SpinCo Corporation, and are fully and unconditionally guaranteed by Waters Corporation and certain of its direct and indirect subsidiaries. The proceeds of the notes offering, together with cash on hand, were used to repay $3.5 billion of indebtedness outstanding under the delayed draw term loan incurred by Augusta SpinCo Corporation in February 2026 in connection with the acquisition by Waters Corporation of Becton, Dickinson and Company's Biosciences & Diagnostic Solutions Business. The notes offering closed on March 23, 2026.

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The Kirkland team included capital markets lawyers Zoey Hitzert, Jennifer Lee, Pratik Ranjan Das, Joyce Kim, Ryan Paulish, Basit Khan Bangash and John McDonald; debt finance lawyers Rachael Lichman, Charles Martin, Daly Brower, Jack Kinnear and Valerie Rangel; tax lawyers Rachel Malhiet, Liam Murphy and Olivia Chilcott; and investment funds regulatory lawyer Michael Chu.