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Zoetis plans $1.5B senior notes offering

Parsippany, N.J.-based Zoetis Inc. said it will sell $1.5 billion worth of senior notes.

The offering consists of $300 million of floating rate senior notes due 2021, $300 million of 3.250% senior notes due 2021, $500 million of 3.900% senior notes due 2028 and $400 million of 4.450% senior notes due 2048.

Zoetis, a maker of veterinary vaccines and medicines, plans to use net proceeds to repay $500 million drawn from a revolving credit facility and $500 million issued under its commercial paper program. The company will also use part of the proceeds for general corporate purposes.

The offering is expected to close Aug. 20.

Barclays Capital Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC, Merrill Lynch Pierce Fenner & Smith Inc. and MUFG Securities Americas Inc. are acting as joint book-running managers of the underwriters.