Kimberly-Clark completed, on November 4, 2026, the exchange offers for notes (debt securities) issued by Kenvue LLC, successor to Kenvue Inc. (KVUE), for up to US$ 7 bn in new Kimberly-Clark notes and cash. US$ 6.4 bn in principal amount was accepted and canceled, and will not be reissued.
The amounts exchanged, by series, were: US$ 739.3 mn of the 5.050% notes due 2028; US$ 847.0 mn of the 5.000% notes (2030); US$ 702.7 mn of the 4.850% notes (2032); US$ 1.2 bn of the 4.900% notes (2033); US$ 728.4 mn of the 5.100% notes (2043); US$ 1.5 bn of the 5.050% notes (2053); and US$ 727.9 mn of the 5.200% notes (2063).
The following remain outstanding: US$ 260.7 mn (2028), US$ 153.0 mn (2030), US$ 47.3 mn (2032), US$ 97.4 mn (2033), US$ 21.6 mn (2043), US$ 21.9 mn (2053) and US$ 22.1 mn (2063).
Having obtained the necessary consents, Kenvue signed on October 9, 2026 a supplemental indenture to the agreement governing the notes, which became effective on the settlement date. It eliminates virtually all restrictive covenants, some of the events that may lead to default (except failure to pay principal, premium or interest) and the obligation to report to the SEC. It also removes certain restrictions on mergers and on the transfer of Kenvue's assets.
