DealsNov 4, 2026, 05:08 PM
Kimberly-Clark Completes Exchange Offer for $6.67B Kenvue Notes
AI Summary
Kimberly-Clark Corporation announced the final results of its exchange offers for Kenvue Notes, successfully exchanging approximately $6.67 billion of Kenvue's outstanding notes for new Kimberly-Clark notes and cash. The exchange offers, which expired on November 2, 2026, saw significant participation across various series of Kenvue's senior notes. As part of the transaction, Kenvue assumed $7.0 billion in aggregate principal amount of Kenvue Notes. Amendments to the governing indenture have also become operative, removing most restrictive covenants. The settlement is expected on November 4, 2026.
Key Highlights
- Kimberly-Clark completed exchange offers for Kenvue notes, exchanging $6.67B for new Kimberly-Clark notes and cash.
- The exchange offers covered Kenvue's 5.050% Senior Notes due 2028 ($739.3M tendered), 5.000% Senior Notes due 2030 ($847.0M tendered), 4.850% Senior Notes due 2032 ($702.7M tendered), 4.900% Senior Notes due 2033 ($1.15B tendered), 5.100% Senior Notes due 2043 ($728.4M tendered), 5.050% Senior Notes due 2053 ($1.48B tendered), and 5.200% Senior Notes due 2063 ($727.9M tendered).
- Kenvue assumed $7.0B in aggregate principal amount of Kenvue Notes, including $1B of 2028 notes, $1B of 2030 notes, $750M of 2032 notes, $1.25B of 2033 notes, $750M of 2043 notes, $1.5B of 2053 notes, and $750M of 2063 notes.
- The exchange offers were made pursuant to an Agreement and Plan of Merger dated November 2, 2025.
- Amendments to the Kenvue Indenture became operative, removing substantially all restrictive covenants and certain events of default.
- Kimberly-Clark issued new notes with the same interest rates, payment dates, and maturity dates as the exchanged Kenvue Notes.
- The settlement of the exchange offers is expected to occur on November 4, 2026.
Price Impact
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