Kimberly-Clark has extended the deadline for holders of Kenvue debt to exchange their notes for up to $7 billion of new Kimberly-Clark notes. The exchange is tied to Kimberly-Clark’s pending acquisition of Kenvue, and participation had already reached about 91% of the principal amount outstanding by the original deadline.
The new deadline is November 2. Kimberly-Clark says the other exchange-offer terms remain unchanged.
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Deadline extended: Holders may tender notes until 5 p.m. New York time on November 2, 2026. The deadline had been October 27 and may be extended again.
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Participation is high: By 5 p.m. on October 27, holders had tendered and not withdrawn about $6.37 billion of Kenvue notes, out of $7 billion outstanding across the seven series. That is roughly 91% of the total principal.
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Tender rates vary by series: Participation ranged from 73.93% for Kenvue’s 2028 notes to 98.54% for its 2053 notes. The 2030 notes were at 84.65%; the 2032, 2033, 2043 and 2063 notes were at 93.69%, 92.21%, 97.12% and 96.84%, respectively.
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What holders are being offered: Kenvue noteholders can exchange their existing debt for up to $7 billion in aggregate principal amount of new notes issued by Kimberly-Clark. The announcement does not provide the exchange ratios or other detailed pricing terms.
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The offer depends on the acquisition: The exchange offers are conditional, among other things, on Kimberly-Clark completing its pending acquisition of Kenvue. Settlement is expected promptly after the November 2 deadline.
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Indenture changes have been approved but are not yet operative: By the October 9 early participation date, Kimberly-Clark had received the required consents for amendments to the agreement governing the Kenvue notes. Those amendments will take effect only when the exchange offers settle.
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Offer materials are being updated: The exchange-offer materials are being amended to include Kenvue’s unaudited financial statements for the three and nine months ended September 27, 2026, alongside comparable periods in 2025.
The announcement changes the timetable, not the stated economic terms of the exchange. The substantial tenders indicate broad participation so far, but the exchange remains linked to the completion of Kimberly-Clark’s acquisition of Kenvue.