Kimberly-Clark (KMB) Announces Expiration and Final Results

Kimberly-Clark said its offers to exchange up to $7.0 billion of Kenvue notes for new Kimberly-Clark notes and cash expired November 2, 2026, with tenders across seven series ranging from 73.93% to 98.54% of outstanding principal. The highest participation came in the 5.050% notes due 2053 at 98.54% ($1.478 billion of $1.5 billion), while the lowest was the 5.050% notes due 2028 at 73.93% ($739.3 million of $1.0 billion). Requisite consents were obtained by the October 9 early participation date, and a supplemental indenture containing the amendments was executed, though the amendments become operative only upon settlement. The exchange is tied to Kimberly-Clark's acquisition of Kenvue and shifts a large slice of Kenvue's debt onto the parent's balance sheet. Next, watch settlement of the exchange offers and the final allocation of new Kimberly-Clark notes and cash to tendering holders.