ZBH · 8-K · 20260805PR335108
Outstanding Indebtedness
ZIMMER BIOMET HOLDINGS, INC. · 2026-08-05 · Importance 79 · Surprise 66 · No source text
Total long-term debt increased to $6.932 billion at December 31, 2025 from $5.342 billion a year earlier, while current debt declined to $587.1 million from $863.0 million. Zimmer Biomet redeemed $863.0 million of 3.550% Senior Notes due 2025 and $600.0 million of 3.050% Senior Notes due 2026 during 2025. The company issued $1.7481 billion of senior notes in February 2025 and received $744.0 million from Swiss franc notes issued in September 2025. Zimmer Biomet maintained $1.5 billion of undrawn five-year revolving capacity maturing June 27, 2030, plus a $1.0 billion undrawn 364-day facility maturing June 26, 2026, and remained compliant with debt covenants requiring consolidated indebtedness to EBITDA of no more than 4.5-to-1.0, subject to specified increases.
Key facts
- In 2025 the company issued senior notes for proceeds of $2,492.1 million, redeemed $1,463.0 million of senior notes, and repurchased $487.0 million of common stock. source
- Zimmer Biomet paid $1,241.5 million in cash initial consideration for Paragon 28 and borrowed $400.0 million on its five-year credit agreement and $150.0 million on its Uncommitted Credit Facility to fund the acquisition. source
- In 2025, Zimmer redeemed $863.0 million principal of 3.550% Senior Notes due 2025 and $600.0 million principal of 3.050% Senior Notes due 2026. source
- On February 19, 2025, Zimmer completed offering of $600.0 million 4.700% Senior Notes due 2027, $550.0 million 5.050% Senior Notes due 2030, and $600.0 million 5.500% Senior Notes due 2035, receiving proceeds of $1,748.1 million. source
- The company had $1.0 billion available to borrow under a 364-day revolving credit agreement that matures on June 26, 2026, and $1.5 billion available under a five-year revolving facility that matures on June 27, 2030. source
- On June 27, 2025, Zimmer entered into a five-year unsecured revolving credit facility of $1.5 billion (2025 Five-Year Revolving Facility) maturing June 27, 2030, with an uncommitted incremental feature up to $500.0 million and two one-year extensions exercisable at discretion subject to lender consent. source
- At December 31, 2025, outstanding debt was $7,519.1 million, of which $587.1 million was classified as current debt that matures on December 13, 2026. source
- The 2025 364-Day Revolving Facility is an unsecured $1.0 billion facility maturing on June 26, 2026 and as of December 31, 2025 there were no outstanding borrowings under it. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -3.2% | On September 4, 2025, Zimmer issued Swiss Notes: CHF 210.0 million 0.930% Bonds due 2030 and CHF 390.0 million 1.560% Bonds due 2035,… |
| cash | positive | realized | +3.2% | On September 4, 2025, Zimmer issued Swiss Notes: CHF 210.0 million 0.930% Bonds due 2030 and CHF 390.0 million 1.560% Bonds due 2035,… |
| liability | negative | realized | -1.9% | Derivatives and contingent payments recorded as liabilities at fair value as of December 31, 2025 totaled $427.2 million, including… |
| cash | positive | realized | — | In 2025 the company issued senior notes for proceeds of $2,492.1 million, redeemed $1,463.0 million of senior notes, and repurchased… |
| liability | negative | realized | — | In 2025 the company issued senior notes for proceeds of $2,492.1 million, redeemed $1,463.0 million of senior notes, and repurchased… |
| cash | negative | realized | — | In 2025 the company issued senior notes for proceeds of $2,492.1 million, redeemed $1,463.0 million of senior notes, and repurchased… |
| cash | negative | realized | — | Zimmer Biomet paid $1,241.5 million in cash initial consideration for Paragon 28 and borrowed $400.0 million on its five-year credit… |
| liability | negative | realized | — | Zimmer Biomet paid $1,241.5 million in cash initial consideration for Paragon 28 and borrowed $400.0 million on its five-year credit… |
| cash | positive | realized | — | Zimmer Biomet paid $1,241.5 million in cash initial consideration for Paragon 28 and borrowed $400.0 million on its five-year credit… |
| liability | positive | realized | — | In 2025, Zimmer redeemed $863.0 million principal of 3.550% Senior Notes due 2025 and $600.0 million principal of 3.050% Senior Notes due… |
| liability | positive | realized | — | Total short-term debt at December 31, 2025: $587.1 million (2.425% Euro Notes due 2026). |