# Kimberly-Clark Secures Consents for $7B Kenvue Debt Exchange Offer

- URL: https://stocks.freetheai.org/news/kimberly-clark-secures-consents-for-7b-kenvue-debt-exchange-offer-7af4a9
- Published: 2026-10-13T11:13:00Z
- Category: mergers; sentiment: bullish; impact: medium
- Symbols: [NASDAQ:KMB](https://stocks.freetheai.org/symbols/NASDAQ-KMB)
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Kimberly-Clark Corporation (NASDAQ:KMB) secured required bondholder approvals to modify terms on outstanding Kenvue notes as part of an exchange offer valued at up to $7.0 billion. Under the program, the company is offering new Kimberly-Clark notes and cash in exchange for existing Kenvue debt.

The approved amendments strip out key restrictive covenants, selected default triggers, SEC reporting duties, and limits on mergers or asset transfers from the Kenvue indenture. For every $1,000 principal amount tendered early, noteholders receive $970 in new Kimberly-Clark notes, a $30 early participation payment, and $1 in cash. Shares of Kimberly-Clark rose 1.21% to $98.77 following the news.

Settlement is scheduled to take place promptly after the exchange offer expires, aligned with the anticipated closing of Kimberly-Clark's acquisition of Kenvue. Final settlement is not expected prior to November 2, 2026.

## Key points

- Kimberly-Clark secured required bondholder consents to amend terms across all outstanding Kenvue notes.
- The company is offering up to $7.0 billion in new Kimberly-Clark debt plus cash in exchange for Kenvue notes.
- Early tender participants receive $970 in new notes, a $30 early premium, and $1 in cash per $1,000 principal tendered.
- Amendments remove key restrictive covenants, SEC reporting requirements, and certain default provisions.
- Settlement is tied to the closing of the Kenvue acquisition and is not expected before November 2, 2026.

## Questions and answers

### What are the terms of the Kimberly-Clark debt exchange offer for Kenvue notes?

For each $1,000 in Kenvue notes tendered early, holders receive $970 in new Kimberly-Clark notes, a $30 early premium, and $1 in cash. The total offer covers up to $7.0 billion in debt.

### When will the Kimberly-Clark and Kenvue note exchange settle?

Settlement is expected promptly after the offer expires, aligned with the closing of Kimberly-Clark's acquisition of Kenvue. It is not expected before November 2, 2026.

### What changes were made to the Kenvue notes indenture?

The approved amendments remove most restrictive covenants, certain default events, SEC reporting requirements, and specific merger and asset transfer limitations.