New Issue: Kimberly-Clark prices $500 million 3.2% 30-year notes at 93 bps over Treasuries

By Cristal Cody

Eureka Springs, Ark., July 26 – Kimberly-Clark Corp. sold $500 million of 3.2% 30-year senior notes on Tuesday at 99.77 to yield 3.212%, according to a market source and an FWP filing with the Securities and Exchange Commission.

The notes (A2/A/A) priced at a spread of 93 basis points over Treasuries, on the tight side of talk in the Treasuries plus 95 bps area and in from initial guidance in the 110 bps area.

Goldman Sachs & Co., J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the bookrunners.

Proceeds will be used for general corporate purposes.

The consumer paper products company is based in Irving, Texas.

Issuer:	Kimberly-Clark Corp.
Amount:	$500 million
Description:	Senior notes
Maturity:	July 30, 2046
Bookrunners:	Goldman Sachs & Co., J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC
Co-managers:	Barclays, HSBC Securities (USA) Inc., RBC Capital Markets, LLC
Coupon:	3.2%
Price:	99.77
Yield:	3.212%
Spread:	Treasuries plus 93 bps
Call feature:	Before Jan. 30, 2046 at price equal to greater of par and Treasuries plus 15 bps; on or after Jan. 30, 2046 at par
Change-of-control put:	101%
Trade date:	July 26
Settlement date:	July 29
Ratings:	Moody’s: A2
	S&P: A
	Fitch: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 95 bps area, tightened from Treasuries plus 110 bps area

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