Paul Hastings advised underwriters including Barclays Capital, Citigroup Global Markets and J.P. Morgan Securities in a $3.5 billion senior notes offering by Augusta SpinCo Corporation, a Waters Corporation subsidiary. The SEC-registered offering comprises five tranches of senior notes maturing between 2027 and 2036, with interest rates ranging from 4.321% to 5.245%. The notes are guaranteed by Waters and certain subsidiaries. Partner Jeff Ramsay led the Paul Hastings team, which included partners Morgan Bale, Ismael Duran and Daniel Nicholas, along with several associates.

Waters Corporation (WAT), a leading scientific instruments manufacturer, is underperforming the Dow Jones Industrial Average significantly. The stock trades 28.8% below its 52-week high of $414.15 and has declined 22.3% year-to-date, compared to the Dow's 3.8% decline. The Milford, Massachusetts-based company, with a market cap of $28.9 billion, specialises in analytical technologies including liquid chromatography and mass spectrometry for pharmaceutical, life sciences and industrial applications. Despite reporting solid fourth-quarter results with revenue of $932 million, up 7% year-over-year, and adjusted earnings per share rising 10% to $4.53, investor sentiment has soured. Cautious first-quarter guidance and concerns over its acquisition of Becton Dickinson's biosciences unit, which is underperforming expectations, have weighed on the stock.

Waters Corporation reported Q4 revenues of $932.4 million, down 45.4% year on year, meeting analysts' expectations. The analytical instruments manufacturer delivered mixed results, with next quarter's revenue guidance exceeding expectations but earnings per share guidance falling short. The research tools and consumables sector reported a satisfactory Q4 overall, with the 10 tracked stocks beating revenue consensus estimates by 1.2%. However, share prices have struggled, declining 20.9% on average since latest earnings results. Founded in 1958, Waters develops analytical instruments, software and consumables for liquid chromatography, mass spectrometry and thermal analysis. CEO Udit Batra highlighted the company achieved high single-digit revenue growth and double-digit adjusted EPS growth in 2025, with momentum expected to continue into 2026.