<SEC-DOCUMENT>0001104659-20-103062.txt : 20200908
<SEC-HEADER>0001104659-20-103062.hdr.sgml : 20200908
<ACCEPTANCE-DATETIME>20200908161849
ACCESSION NUMBER:		0001104659-20-103062
CONFORMED SUBMISSION TYPE:	FWP
PUBLIC DOCUMENT COUNT:		1
FILED AS OF DATE:		20200908
DATE AS OF CHANGE:		20200908

SUBJECT COMPANY:	

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMBERLY CLARK CORP
		CENTRAL INDEX KEY:			0000055785
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				390394230
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP
		SEC ACT:		1934 Act
		SEC FILE NUMBER:	333-229547
		FILM NUMBER:		201164381

	BUSINESS ADDRESS:	
		STREET 1:		351 PHELPS DRIVE
		CITY:			IRVING
		STATE:			TX
		ZIP:			75038
		BUSINESS PHONE:		9722811200

	MAIL ADDRESS:	
		STREET 1:		P O BOX 619100
		STREET 2:		DFW AIRPORT STATION
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75261-9100

FILED BY:		

	COMPANY DATA:	
		COMPANY CONFORMED NAME:			KIMBERLY CLARK CORP
		CENTRAL INDEX KEY:			0000055785
		STANDARD INDUSTRIAL CLASSIFICATION:	CONVERTED PAPER & PAPERBOARD PRODS (NO CONTAINERS/BOXES) [2670]
		IRS NUMBER:				390394230
		STATE OF INCORPORATION:			DE
		FISCAL YEAR END:			1231

	FILING VALUES:
		FORM TYPE:		FWP

	BUSINESS ADDRESS:	
		STREET 1:		351 PHELPS DRIVE
		CITY:			IRVING
		STATE:			TX
		ZIP:			75038
		BUSINESS PHONE:		9722811200

	MAIL ADDRESS:	
		STREET 1:		P O BOX 619100
		STREET 2:		DFW AIRPORT STATION
		CITY:			DALLAS
		STATE:			TX
		ZIP:			75261-9100
</SEC-HEADER>
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<TYPE>FWP
<SEQUENCE>1
<FILENAME>tm2030245d5_fwp.htm
<DESCRIPTION>FWP
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<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Free Writing Prospectus</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><B>Filed on September&nbsp;8, 2020 Pursuant
to Rule&nbsp;433</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: right"><FONT><B>Registration
Statement No.&nbsp;333-229547</B></FONT></P>


<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>KIMBERLY-CLARK CORPORATION</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>$600,000,000 1.050% Notes due September&nbsp;15,
2027</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>PRICING TERM SHEET</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin-top: 0pt; margin-bottom: 0pt; text-align: center"><B>Dated September&nbsp;8, 2020</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<TABLE CELLSPACING="0" CELLPADDING="0" STYLE="width: 100%; font: 10pt Times New Roman, Times, Serif; border-collapse: collapse">
<TR>
    <TD STYLE="text-align: left; vertical-align: top; width: 42%"><FONT STYLE="font-size: 10pt"><B>Issuer:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom; width: 58%"><FONT STYLE="font-size: 10pt">Kimberly-Clark Corporation</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Security Type:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Senior Notes</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Offering Format:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 10pt">SEC Registered</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Principal Amount:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">$600,000,000 of 1.050% Notes due September&nbsp;15, 2027 (the &ldquo;Notes&rdquo;)</FONT></TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Maturity Date:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">September&nbsp;15, 2027 &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Coupon:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">1.050% &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Interest Payment Dates:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 10pt">Semi-annually on March&nbsp;15 and September&nbsp;15, commencing March&nbsp;15, 2021</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Interest Record Dates:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 10pt">March&nbsp;1 and September&nbsp;1</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Price to Public:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">100.000% of the principal amount &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">UST 0.500% due August&nbsp;31, 2027 &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Benchmark Treasury Yield:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">0.470% &nbsp; &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Spread to Benchmark Treasury:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">58 bps &nbsp; &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Yield to Maturity:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">1.050% &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Special Mandatory Redemption:</B></FONT></TD>
    <TD STYLE="text-align: justify"><FONT STYLE="font-size: 10pt">If the closing of the Softex Indonesia acquisition described in the preliminary prospectus supplement has not occurred on or prior to the earlier of (i)&nbsp;March&nbsp;31, 2021 and (ii)&nbsp;the date the Softex Indonesia purchase agreement is terminated in accordance with its terms, Kimberly-Clark Corporation will be required to redeem all outstanding Notes at a redemption price equal to 101% of the aggregate principal amount plus accrued and unpaid interest on the Notes to, but not including, the special mandatory redemption date. </FONT></TD></TR>
</TABLE>

<P STYLE="margin: 0">&nbsp;</P>

<P STYLE="margin: 0"></P>

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    <TD STYLE="text-align: left; vertical-align: top; width: 42%"><FONT STYLE="font-size: 10pt"><B>Optional Redemption:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 58%">Prior to July&nbsp;15, 2027 (the &ldquo;Par Call Date&rdquo;), the Notes will be redeemable, at the option of Kimberly-Clark Corporation, at any time, in whole or in part, at a redemption price equal to the greater of (i)&nbsp;100% of the principal amount of the Notes to be redeemed and (ii)&nbsp;the sum of the present values of the remaining scheduled payments of the principal on the Notes to be redeemed and interest thereon that would be due after the related redemption date if such Notes matured on the Par Call Date (provided, however, that, if such redemption date is not an interest payment date with respect to such Notes, the amount of the next scheduled interest payment thereon will be reduced by the amount of interest accrued thereon to such redemption date) discounted, on a semi-annual basis, at the applicable treasury rate plus 10 basis points, plus, in each case, accrued and unpaid interest to the date of redemption. On or after the Par Call Date, the Notes will be redeemable, at the option of Kimberly-Clark Corporation, at any time, in whole or in part, at a redemption price equal to 100% of principal amount of the Notes to be redeemed, plus accrued and unpaid interest to the date of redemption.</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Change of Control:</B></FONT></TD>
    <TD STYLE="vertical-align: bottom; text-align: justify"><FONT STYLE="font-size: 10pt">Kimberly-Clark Corporation will be required to make an offer to repurchase the Notes at a price of 101% of the principal amount plus accrued and unpaid interest upon a Change of Control Repurchase Event.</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="vertical-align: bottom; text-align: justify">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Expected Settlement Date:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">September&nbsp;11, 2020 (T+3) &nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>CUSIP:*</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 10pt">494368 CC5</FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>ISIN:*</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom"><FONT STYLE="font-size: 10pt">US494368CC54 </FONT></TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">&nbsp;</TD></TR>
<TR>
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Joint Active Lead Managers:</B></FONT></TD>
    <TD STYLE="text-align: justify; vertical-align: bottom">Goldman Sachs&nbsp;&amp; Co. LLC<BR>
 HSBC Securities (USA) Inc. <BR>
Morgan Stanley&nbsp;&amp; Co. LLC &nbsp;</TD></TR>
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<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top; width: 42%"><FONT STYLE="font-size: 10pt"><B>Passive Lead Manager:</B></FONT></TD>
    <TD STYLE="text-align: justify; width: 58%">Credit Suisse Securities (USA) LLC &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Senior Co-Managers:</B></FONT></TD>
    <TD STYLE="text-align: justify">Santander Investment Securities Inc. <BR>
Standard Chartered Bank &nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top">&nbsp;</TD>
    <TD STYLE="text-align: justify">&nbsp;</TD></TR>
<TR STYLE="vertical-align: top">
    <TD STYLE="text-align: left; vertical-align: top"><FONT STYLE="font-size: 10pt"><B>Co-Managers:</B></FONT></TD>
    <TD STYLE="text-align: justify">Loop Capital Markets LLC<BR>
 BBVA Securities Inc. <BR>
J.P. Morgan Securities LLC <BR>
MUFG Securities Americas Inc.<BR>
 RBC Capital Markets, LLC <BR>
SMBC Nikko Securities America,&nbsp;Inc. &nbsp;</TD></TR>
</TABLE>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>The issuer has filed a registration
statement (No.&nbsp;333-229547) (including a prospectus and a preliminary prospectus supplement) with the U.S. Securities and Exchange
Commission (the &ldquo;SEC&rdquo;) for the offering to which this communication relates. Before you invest, you should read each
of these documents and other documents the issuer has filed with the SEC for more complete information about the issuer and this
offering.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>You may get these documents for free
by visiting EDGAR on the SEC website at www.sec.gov. Alternatively, the issuer, any underwriter or any dealer participating in
the offering will arrange to send you the prospectus if you request it by calling Goldman Sachs&nbsp;&amp; Co. LLC toll-free at
866-471-2526, HSBC Securities (USA) Inc. toll-free at 866-811-8049 or Morgan Stanley&nbsp;&amp; Co. LLC toll-free at 866-718-1649.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>* A securities rating is not a recommendation
to buy, sell or hold securities and may be subject to revision or withdrawal at any time.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0; text-align: justify"><B>It is expected that delivery of
the Notes will be made against payment therefor on or about September&nbsp;11, 2020, which is the third business day
following the date hereof (such settlement cycle being referred to as &ldquo;T+3&rdquo;). Under Rule&nbsp;15c6-1 under the
Securities Exchange Act of 1934, as amended, trades in the secondary market generally are required to settle in two business
days unless the parties to any such trade expressly agree otherwise. Accordingly, purchasers who wish to trade the Notes on
the date of pricing day will be required, by virtue of the fact that the Notes initially will settle in T+3, to specify an
alternative settlement cycle at the time of any such trade to prevent failed settlement. Purchasers of the Notes who wish to
trade the Notes on the date of pricing should consult their own advisors.</B></P>

<P STYLE="font: 10pt Times New Roman, Times, Serif; margin: 0pt 0">&nbsp;</P>

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