ZTS · 10-Q · 2026Q2 · Full report
Long-term Debt Issuance
Zoetis Inc. · 2026-08-06 · Importance 64 · Surprise 42 · No source text
On August 18, 2025, Zoetis issued $850 million of 4.150% senior notes due 2028 and $1.00 billion of 5.000% senior notes due 2035. Net proceeds were used to redeem $600 million of 5.400% notes due 2025 and $750 million of 4.500% notes due 2025, with the remainder allocated to general corporate purposes. The new issuance extended the company’s debt maturity profile through 2035 while replacing near-term maturities.
Key facts
- On August 18, 2025 Zoetis issued $850 million aggregate principal amount of 4.150% senior notes due 2028 and $1.00 billion aggregate principal amount of 5.000% senior notes due 2035, with an original issue discount of $2 million. source
- The net proceeds from the 2025 senior notes were used to redeem $600 million of 5.400% 2022 senior notes due 2025 and $750 million of 4.500% 2015 senior notes due 2025 on August 28, 2025 and September 17, 2025, respectively. source
- Long-term debt was $9,048 million as of June 30, 2026 and $9,042 million as of December 31, 2025. source
Impact estimates
| metric | direction | stage | expected | basis |
|---|---|---|---|---|
| liability | negative | realized | -12.3% | On August 18, 2025 Zoetis issued $850 million aggregate principal amount of 4.150% senior notes due 2028 and $1.00 billion aggregate… |
| liability | positive | realized | +8.9% | The net proceeds from the 2025 senior notes were used to redeem $600 million of 5.400% 2022 senior notes due 2025 and $750 million of… |
| cash | negative | realized | -8.9% | The net proceeds from the 2025 senior notes were used to redeem $600 million of 5.400% 2022 senior notes due 2025 and $750 million of… |
| liability | negative | realized | -0.0% | Long-term debt was $9,048 million as of June 30, 2026 and $9,042 million as of December 31, 2025. |