$KMB · KIMBERLY CLARK CORP

Kimberly-Clark priced a $4.9 billion private offering of senior unsecured notes across five tranches (maturing 2028–2036, coupons 5.100%–5.800%) to fund its previously announced acquisition of Kenvue Inc. The offering is expected to close October 29, 2026, with the Kenvue acquisition targeted for Q4 2026. If the acquisition is not completed by the outside date, Kimberly-Clark must redeem all notes at 101% of principal plus accrued interest.

Extended-hours trading shows KMB at $105.66, up 0.24% from the regular close of $105.41 — a muted reaction consistent with a widely anticipated financing for a previously announced acquisition.

A $4.9 billion debt raise to fund the Kenvue acquisition materially alters Kimberly-Clark's capital structure and signals conviction the deal will close in Q4 2026.

The Kenvue acquisition represents a major consolidation play in consumer packaged goods, with Kimberly-Clark also pursuing exchange offers for Kenvue's existing senior notes alongside this new $4.9 billion issuance.

If the Kenvue acquisition fails to close by the outside date, Kimberly-Clark must redeem all $4.9 billion in notes at 101% of principal plus accrued interest — a costly unwind. The notes are not registered under the Securities Act, limiting transferability and resale.