Kimberly-Clark priced $4.9bn of notes to pay cash for Kenvue

Five tranches, $4.9 billion. Kimberly-Clark said on October 19 that it had priced a private offering of senior unsecured notes to fund the cash consideration for its proposed acquisition of Kenvue, in a current report filed with the SEC early on October 20.

The notes run from $750 million at 5.100 percent due 2028 to $1.15 billion at 5.800 percent due 2036, with tranches due 2029, 2031 and 2034 in between. They are being sold to qualified institutional buyers and to buyers outside the United States, and the company expects the sale to close on or about October 29. Kimberly-Clark said it would combine the proceeds with cash on hand or commercial paper borrowing to pay the cash portion of the deal and its fees.

The offering does not depend on the acquisition closing. If the Kenvue deal has not completed five business days after May 31, 2027, or a later date the parties agree, or if Kimberly-Clark tells the trustee it will not pursue it, the company must redeem every note at 101 percent of principal plus accrued interest.

Kimberly-Clark said it still expects the acquisition to close in the fourth quarter of 2026. It began an offer on September 28 to swap Kenvue's existing senior notes for new Kimberly-Clark notes. The filing does not restate the deal's price or share terms.

The document: Kimberly-Clark Corporation, Form 8-K, October 20, 2026.