Kimberly-Clark Issues Bonds to Finance $36 Billion Kenvue Deal

Kimberly-Clark is preparing a five-part bond sale to finance its acquisition of Kenvue, the manufacturer of Tylenol. The offering includes bonds with maturities ranging from two to 10 years and is designed to replace $7.7 billion in bridge financing provided by JPMorgan Chase.

The overall transaction is valued at approximately $36 billion and utilizes a combination of cash and stock. The new debt sales will partially cover the $6.7 billion cash component of the deal. The companies expect the merger to close before the end of 2026.

Once the acquisition is complete, the combined business is projected to generate $32 billion in revenue. This scale would position the entity as the second-largest seller of health and wellness goods globally, trailing only Procter & Gamble.