ZTS sells $1.25B of bonds in two tranches: • $500M of 5-year bonds @3.45% • $750M of 10-year bonds @4.50% While still pretty low for a company like ZTS, these rates seem more reasonable than some of the paper that was floated during the past few years. http://finance.yahoo.com/news/zoetis-announces-pricing-1-25-004300540.html