New Issue: Kimberly-Clark prices $700 million 3.2% 10-year notes at 65 bps over Treasuries

By Cristal Cody

Tupelo, Miss., April 23 – Kimberly-Clark Corp. priced $700 million of 3.2% 10-year senior notes (A2/A/) on Tuesday at 99.83 to yield 3.22%, or a spread of 65 basis points over Treasuries, according to an FWP filing with the Securities and Exchange Commission.

J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC were the active bookrunners. Passive bookrunners were Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC.

Proceeds from the offering will be used for general corporate purposes.

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

Issuer:	Kimberly-Clark Corp.
Amount:	$700 million
Description:	Senior notes
Maturity:	April 25, 2029
Bookrunners:	J.P. Morgan Securities LLC, Morgan Stanley & Co. LLC and RBC Capital Markets LLC (active); Deutsche Bank Securities Inc. and Goldman Sachs & Co. LLC (passive)
Senior co-managers:	Barclays, Citigroup Global Markets Inc. and HSBC Securities (USA) Inc.
Co-managers:	BBVA Securities Inc., Credit Suisse Securities (USA) LLC and Santander Investment Securities Inc.
Coupon:	3.2%
Price:	99.83
Yield:	3.22%
Spread:	Treasuries plus 65 bps
Call feature:	Make-whole call before Jan. 25, 2029 at greater of par and Treasuries plus 10 bps; thereafter at par
Change-of-control put:	101%
Trade date:	April 23
Settlement date:	April 25
Ratings:	Moody’s: A2
	S&P: A
Distribution:	SEC registered

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