Kirkland Advises Kimberly-Clark on $4.9 Billion Senior Notes Offering and $7 Billion Exchange Offers in Connection with Kenvue Acquisition

Kirkland & Ellis advised Kimberly-Clark Corporation (Nasdaq: KMB) on a $4.9 billion private offering of senior unsecured notes. The offering closed on October 29, 2026.

The notes were issued in five tranches: $750 million of 5.100% notes due 2028, $1 billion of 5.300% notes due 2029, $1.25 billion of 5.450% notes due 2031, $750 million of 5.650% notes due 2034 and $1.15 billion of 5.800% notes due 2036. Kimberly-Clark intends to use the net proceeds, together with cash on hand and/or borrowings under its commercial paper program, to fund the cash consideration for the Kenvue acquisition and related fees and expenses.

Kirkland is also advising Kimberly-Clark in connection with its proposed $48.7 billion acquisition of Kenvue (NYSE: KVUE) and its up to $7 billion exchange offers for outstanding Kenvue notes. The related consent solicitations, which Kirkland also advised on, were successful.

Read the transaction press release

The Kirkland team included capital markets lawyers Rachel Sheridan, Shagufa Hossain, Asher Qazi, Hunter Richey, Jihao Ding, Christiano Yao and Christina Aldime; tax lawyers Sara Zablotney, Rebecca Fine, Brooke Schafer and Dan Fishbein; debt finance lawyers Andy Veit, Brittany Taylor and Kaley Elizabeth Schnurbusch; corporate lawyers Ed Lee, Kim Hicks, Steven Choi, Arjun Mocherla, Lilly Rohan, Tanaya Sanyal, Ben Samway, Grace Slicklen, Jack Vande Berg and Ryane Liao; litigation lawyers Nick Niles, Andrew Hartford and Evan Sills; technology & IP transactions lawyers Shellie Freedman, Rami Sherman, Amani Coutinho, Krystal Egbuchulam and Ugomma Ugwu-Uche; investment funds regulatory lawyer Joshua Westerholm; healthcare lawyers Dennis Williams, William Richmond, Cooper Barghols and Marisa Nardelli; and executive compensation lawyers Robert Fowler, Stephanie Jeane, James Sprague and Maddison Riddick.