KMB Completes Kenvue Acquisition, Issues $6.375B in Senior Notes via Exchange Offers
· The NYC Memo
Kimberly-Clark Corporation completed its acquisition of Kenvue Inc. on November 2, 2026, merging the company into a wholly owned subsidiary. On November 4, 2026, KMB issued approximately $6,375,039,000 in new senior notes in exchange for tendered Kenvue notes, which were retired and canceled, while Kenvue LLC assumed the full $7,000,000,000 aggregate principal of remaining Kenvue senior notes across seven series maturing between 2028 and 2063.
KMB also entered a Registration Rights Agreement with J.P. Morgan Securities, Citigroup Global Markets, and Morgan Stanley, requiring a registered exchange offer within 365 days or triggering additional interest of 0.25%–0.50% per annum.