Kimberly-Clark prices $4.9 billion senior notes to fund Kenvue acquisition
Kimberly-Clark priced a $4.9 billion private offering of senior unsecured notes in five tranches, with closing expected on October 29, 2026. The proceeds, along with cash on hand and commercial paper borrowings, are intended to fund the cash consideration for its proposed acquisition of Kenvue, which is expected to close in the fourth quarter of 2026. If the acquisition does not close by the outside date, the notes must be redeemed at 101% of principal plus accrued interest.
Key points
- Five tranches total $4.9 billion, with coupons from 5.100% (2028 notes) to 5.800% (2036 notes)
- Largest tranche is $1.25 billion of 5.450% notes due 2031; smallest are $750 million each of 2028 and 2034 notes
- Offering is not conditioned on the Kenvue acquisition, but a special mandatory redemption at 101% applies if the deal is not completed by five business days after the later of May 31, 2027 or an agreed later outside date
- Closing of the offering is expected on or about October 29, 2026, subject to customary conditions
The filing
Written by AI on Nov 7, 2026, 11:17 PM ET, from this filing only.
Briefs are written by AI from the filing text and can contain mistakes — open the filing before acting on anything. Impact (1-5) and tone are the AI's reading of the filing for shareholders, not a price forecast. Not investment advice.