New Issue: Kimberly-Clark prices $500 million of 2.875% notes due 2050 at 87.5 bps spread

By Cristal Cody

Tupelo, Miss., Jan. 30 – Kimberly-Clark Corp. priced $500 million of 2.875% 30-year senior notes (A2/A) on Thursday at a spread of Treasuries plus 87.5 basis points, according to a market source and an FWP filing with the Securities and Exchange Commission.

Initial price talk was in the Treasuries plus 100 bps to 105 bps area.

The notes were sold at 99.68 to yield 2.891%.

Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC were the active bookrunners. Barclays and HSBC Securities (USA) Inc. were passive lead managers.

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:	$500 million
Description:	Senior notes
Maturity:	Feb. 7, 2050
Bookrunners:	Goldman Sachs & Co. LLC, J.P. Morgan Securities LLC and Morgan Stanley & Co. LLC (active); Barclays and HSBC Securities (USA) Inc. (passive)
Senior co-managers:	Citigroup Global Markets Inc., Deutsche Bank Securities Inc. and RBC Capital Markets, LLC
Co-managers:	BBVA Securities Inc., Credit Suisse Securities (USA) LLC, Loop Capital Markets LLC, MUFG, Santander Investment Securities Inc. and SMBC Nikko Securities America, Inc.
Coupon:	2.875%
Price:	99.68
Yield:	2.891%
Spread:	Treasuries plus 87.5 bps
Call features:	Make-whole call before Aug. 7, 2049 at price equal to greater of par and Treasuries plus 15 bps; thereafter at par
Change-of-control put:	101%
Trade date:	Jan. 30
Settlement date:	Feb. 7
Ratings:	Moody’s: A2
	S&P: A
Distribution:	SEC registered
Price guidance:	Treasuries plus 100 bps-105 bps area

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