On November 4, 2026, Kimberly-Clark Corporation completed its previously announced exchange offer for various series of Kenvue's outstanding senior notes. A significant portion of the notes were exchanged for new Kimberly-Clark notes and cash. Following the successful tender, Kenvue amended the governing indenture for its notes, eliminating most restrictive covenants and certain default provisions for the remaining noteholders.
Key Details
- Transaction Completion: The exchange offer and consent solicitation, conducted by Kimberly-Clark on behalf of Kenvue, settled on November 4, 2026.
- Amount Exchanged: A total aggregate principal amount of approximately $6.38 billion across seven series of Kenvue senior notes was validly tendered, accepted, and canceled.
- Material Modifications: As a result of the consent solicitation, the indenture was amended to eliminate substantially all restrictive covenants, certain "Event of Default" triggers (other than failure to pay), and SEC reporting covenants for the remaining notes.