$KMB · KIMBERLY CLARK CORP
Kimberly-Clark announced successful early results for its exchange offers and consent solicitations covering all seven outstanding series of Kenvue Inc. notes, totaling $7.0 billion aggregate principal. As of the October 9, 2026 early participation deadline, tenders ranged from 73.64% to 98.37% across the series, securing the requisite consents to adopt amendments that strip restrictive covenants, most default events, and SEC reporting requirements from the Kenvue indenture. The exchange offers expire October 27, 2026, with settlement expected on or about the closing of Kimberly-Clark's Kenvue
- Kimberly-Clark received sufficient consents to amend all outstanding series of Kenvue Notes, stripping restrictive covenants and most event‑
- Across seven Kenvue note series totaling $7.0B outstanding, early tender participation ranged from 73.64% to 98.37% as of October 9, 2026.
- Early tendering holders receive $970 principal of new Kimberly-Clark notes, a $30 early participation premium, and $1.00 cash per $1,000.
- The exchange offers expire October 27, 2026, with settlement expected on or about the closing date of the Kenvue acquisition, not before Nov
- The exchange offers and consent solicitations are conditioned on consummation of the Kenvue acquisition, expected in Q4 2026.
Extended-hours trading shows KMB at $100.25, up 1.50% from the regular close, suggesting the market views the successful consent solicitation as a positive step toward completing the Kenvue acquisition.
The overwhelming early tender response (73%–98% across all series) signals strong creditor support for the Kenvue acquisition and the $7B debt restructuring.
The Kenvue acquisition and related $7B debt exchange represent a major consolidation move in consumer packaged goods, with Kimberly-Clark absorbing a Johnson & Johnson consumer-health spinoff.
The exchange offers and consent solicitations are conditioned on consummation of the Kenvue acquisition, which may not close. The new Kimberly-Clark notes are unregistered private placements, limiting liquidity for holders.
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