Kenvue confirms launch of 182.33M secondary offering for holders

Kenvue (KVUE) announced the launch of a secondary underwritten public offering of 182,329,550 shares of its common stock. Kenvue is not selling any shares of common stock and will not receive any proceeds from the sale of the Shares in the Offering or from the debt-for-equity exchange. In connection with the Offering, Johnson & Johnson (JNJ) is expected to exchange 182,329,550 shares of Kenvue’s common stock for indebtedness of Johnson & Johnson expected to be held by Goldman Sachs & Co. LLC and J.P. Morgan. Following the debt-for-equity exchange, if consummated, the Selling Shareholders intend to sell the Shares to the underwriters in the Offering. After the completion of the proposed Offering, Johnson & Johnson will no longer own any shares of Kenvue’s common stock. Goldman Sachs & Co. LLC, J.P. Morgan and BofA Securities are acting as joint lead book-running managers for the Offering.