Waters completes $3.5B bond offering to refinance term loan taken out one month earlier

Filed March 23, 2026 · Period ending March 23, 2026 · ~1 min read

Key Changes

• high

  Waters subsidiary issued $3.5 billion in senior notes across five tranches (2027-2036, rates 4.32%-5.25%) to immediately repay a $3.5 billion term loan borrowed just one month prior in February 2026.

  Item 1.01 verify on EDGAR →
• high

  The refinancing swaps short-term bank debt for longer-term public bonds, extending maturities and locking in fixed rates. Five major banks underwrote the offering completed March 23, 2026.

  Item 1.01 verify on EDGAR →
• medium

  Bondholders can force repurchase at 101% of par plus interest if Waters experiences a change of control, providing downside protection in an acquisition scenario.

  Item 1.01 verify on EDGAR →