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Case Study

Supporting Waters Corporation's growth strategy

Based in Milford, Massachusetts, Waters Corporation (“Waters” or “the Company”) is a publicly traded (NYSE: WAT) analytical laboratory instrument and software company focused on improving human health and well-being through the application of innovative technology.

Case Study

Supporting Waters Corporation's growth strategy

Based in Milford, Massachusetts, Waters Corporation (“Waters” or “the Company”) is a publicly traded (NYSE: WAT) analytical laboratory instrument and software company focused on improving human health and well-being through the application of innovative technology.

At a Glance

Waters has been a partner since 2011, and we have participated in four agented transactions with the Company since. In October 2022, Waters management communicated a shift in the Company’s capital deployment strategy, with an interest in pursuing a balance between share repurchases and acquisitions.

In conjunction with general corporate funding needs, including as a source for funding potential acquisition opportunities, Waters was looking to raise capital, or be prepared to move quickly when an opportunity arose. Historically, Waters has accessed the private placement market via broadly agented transactions. However, the management team considered our Pru-Shelf Facility option given: i) the ability to access longer term capital at short notice, ii) multicurrency capabilities, and iii) flexibility in issuance amount, tenor and amortization provided through a shelf facility.

In early June 2023, we closed on a $400 million Revolving Multi-Currency Pru-Shelf Facility, with an initial draw of $100 million of Senior Unsecured Notes. Our investment marked Waters’ first direct transaction and established us as the Company’s largest lender.

We are pleased to continue our long-standing relationship with Waters and look forward to supporting their growth in the years to come.

Relationship since 2011
Transaction details:
  • $400,000,000 Multi-Currency Pru-Shelf Facility

    with an initial draw of
  • $100,000,000 Senior Unsecured Notes
Meet the team

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212.626.2078
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Maine, Massachusetts, New Hampshire, Ontario, Rhode Island, & Vermont

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