Waters Corporation (NYSE: WAT) announced it has priced a $3.5 billion offering of senior notes through its subsidiary Augusta SpinCo Corporation, according to a company statement.

The offering consists of five tranches of notes with varying maturities and interest rates. The company will issue $650 million of 4.321% notes due 2027, $600 million of 4.398% notes due 2029, $750 million of 4.656% notes due 2031, $750 million of 4.945% notes due 2033, and $750 million of 5.245% notes due 2036. All notes are priced at 100% of their principal amount.

The offering is expected to close on or about March 23, 2026, subject to customary closing conditions. Waters and certain of its subsidiaries will fully and unconditionally guarantee the notes.

Waters plans to use the net proceeds from the offering, combined with cash on hand, to repay $3.5 billion of indebtedness under a delayed draw term loan that Augusta incurred in February 2026.

Barclays Capital Inc. serves as global coordinator for the transaction. Citigroup Global Markets Inc., J.P. Morgan Securities LLC, BofA Securities, Inc., and HSBC Securities (USA) Inc. are acting as active bookrunners.

The offering is being conducted under an effective shelf registration statement on Form S-3ASR filed with the U.S. Securities and Exchange Commission under the Securities Act of 1933.