ZTS · 10-Q · 2026Q2 · Full report

Revolving Credit Facility

Zoetis Inc. · 2026-08-06 · Importance 58 · Surprise 42 · In source text

In August 2025, Zoetis entered into a $1.25 billion senior unsecured revolving credit facility that expires in August 2030. The company may increase the facility to $1.75 billion subject to conditions, and the maximum total leverage covenant is 3.50:1, increasing to 4.00:1 after a material acquisition until the fourth subsequent fiscal quarter. Zoetis was compliant with all financial covenants and had no amounts drawn as of June 30, 2026.

Key facts

• In August 2025, Zoetis entered into a $1.25 billion senior unsecured revolving credit facility that expires in August 2030 and can be increased to up to $1.75 billion subject to certain conditions. source
• The credit facility contains a financial covenant limiting maximum total leverage ratio to 3.50:1, increasing to 4.00:1 upon entering into a material acquisition. source
• On December 17, 2025 Zoetis entered into the First Waiver to the Revolving Credit Agreement which waived a technical provision and explicitly permits early conversions of the convertible senior notes. source
• Zoetis was in compliance with all financial covenants as of June 30, 2026 and December 31, 2025. source
• There were no amounts drawn under the credit facility as of June 30, 2026 and December 31, 2025. source

Impact estimates