Kimberly-Clark Extends Expiration Date for $7.0B Kenvue Debt Exchange Offers

Summary of Event

On October 27, 2026, Kimberly-Clark Corporation filed a Current Report on Form 8-K under Item 8.01 (Other Events) announcing the extension of its private exchange offers to exchange any and all outstanding notes issued by Kenvue Inc. (NYSE: KVUE) for up to $7.0 billion aggregate principal amount of new notes issued by Kimberly-Clark.

Key Terms & Timeline

• Original Expiration: October 27, 2026, at 5:00 p.m. New York City time
• Extended Expiration Date: November 2, 2026, at 5:00 p.m. New York City time
• Early Participation & Consent: Requisite consents were received as of October 9, 2026, to adopt amendments to the indentures governing the Kenvue Notes, and a supplemental indenture was executed. Amendments will become operative upon settlement.
• Conditionality: The Exchange Offers remain strictly conditioned upon the completion of Kimberly-Clark’s pending acquisition of Kenvue Inc., a condition that cannot be waived by Kimberly-Clark.
• Settlement: Anticipated promptly following the new expiration date.

Tender Participation Status (as of October 27, 2026)

Kimberly-Clark disclosed strong participation across the seven tranches of Kenvue notes, with tender rates ranging from approximately 73.9% to 98.5% across series maturing between 2028 and 2063.

Strategic & Market Impact

The extension provides additional operational runway to finalize the debt exchange in tandem with the closing conditions of the Kenvue acquisition. Given high existing participation rates and already secured indenture amendment consents, the transaction is progressing toward final settlement.