Kenvue amends bond terms, removing most covenants in Kimberly-Clark exchange offers
On October 9, 2026, Kenvue entered a Third Supplemental Indenture amending the indenture for its existing senior notes. The changes are tied to Kimberly-Clark's exchange offers and consent solicitations, which cover up to $7 billion principal amount of notes, and would remove most restrictive covenants, certain default triggers, the SEC reporting covenant, and limits on mergers and asset transfers. The amendments take effect only at settlement of the exchange offers, which is expected on or about the closing of Kimberly-Clark's acquisition of Kenvue.
Key points
- Third Supplemental Indenture dated October 9, 2026, amends the indenture covering seven series of existing Kenvue senior notes, maturing 2028 through 2063.
- Kimberly-Clark's exchange offers cover up to $7,000,000,000 aggregate principal amount of Kimberly-Clark notes plus cash.
- Amendments become operative only upon settlement, expected on or about the closing of Kimberly-Clark's acquisition of Kenvue.
- Event-of-default provisions for failure to pay principal, premium or interest are not eliminated by the amendments.
The filing
Written by AI on Nov 9, 2026, 11:44 AM ET, from this filing only. Written later: this filing was briefed after the fact, when past filings were added to the site, so the brief may be read with hindsight; the filing itself is the record of what was known on October 13, 2026.
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.