Kimberly-Clark (KMB) completed the exchange of Kenvue notes for new notes of its own on November 4, 2026, and issued US$ 5.7 billion in bonds. The transaction stems from the merger with Kenvue, completed on November 2, 2026, when Kenvue LLC assumed US$ 7 billion in senior notes from Kenvue Inc. The exact sum of the amounts issued across the seven series is US$ 6.38 billion.
Participation in the exchange varied by series: 73.93% of the 2028 notes, 84.70% of the 2030 notes, 93.69% of the 2032 notes, 92.21% of the 2033 notes, 97.12% of the 2043 notes, 98.54% of the 2053 notes and 97.06% of the 2063 notes. Each Kimberly-Clark series has the same rate, the same interest payment dates and the same maturity as the corresponding Kenvue series.
The amounts issued by Kimberly-Clark were US$ 739.3 million (5.050%, 2028), US$ 847 million (5.000%, 2030), US$ 702.7 million (4.850%, 2032), US$ 1.2 billion (4.900%, 2033), US$ 728.4 million (5.100%, 2043), US$ 1.5 billion (5.050%, 2053) and US$ 727.9 million (5.200%, 2063). The notes are unsecured senior obligations and rank equally with the company's other senior debt.
Approximately US$ 624 million in unexchanged notes remain outstanding as obligations of Kenvue. With the approval of amendments to the indenture, these notes lost virtually all restrictive covenants, certain events of default and the requirement to report to the SEC, the U.S. capital markets regulator.
Those who tendered in the exchange before October 9, 2026 also received US$ 1.00 in cash for each US$ 1,000 of principal. Kimberly-Clark committed to using efforts to register an exchange offer for the new notes with the SEC within 365 days; if this does not occur, it will pay additional interest.
