Reckitt Completes Tender Offer for Mead Johnson Nutrition Company Notes Due in 2044

Reckitt Benckiser's Tender Offer Results

Overview
Reckitt Benckiser Group plc, commonly known as Reckitt, recently announced the expiration and outcomes of its cash tender offer concerning their wholly-owned subsidiary, Mead Johnson Nutrition Company (MJN). This detailed communication, issued on August 14, 2026, confirmed critical aspects of the tender offer aimed at acquiring any and all outstanding Senior Notes due 2044.

Details of the Tender Offer
The cash tender offer was an initiative to purchase the 4.600% Senior Notes (CUSIP No. 582839 AG1; ISIN US582839AG14) with a redemption term extending to 2044. In conjunction with this, Reckitt sought consents from holders of these notes for proposed amendments to the governing indenture.

As of the expiration time on August 13, 2026, a total of $400,415,000 in aggregate principal of the notes was validly tendered and not withdrawn. This reflects the robust interest from note holders in participating in this significant financial restructuring.

The settlement date for the accepted notes is anticipated to be August 18, 2026. Participants in the tender offer will receive a total consideration of $898.00 per $1,000 principal amount accepted. Additionally, accrued and unpaid interest up to the settlement date will also be compensated to the holders of these notes.

Permissible Amendments and Benefits
The primary aim of the tender offer was not only to acquire outstanding notes but also to introduce several amendments. The proposed modifications include the elimination of numerous restrictive covenants as well as certain events of default. Furthermore, it will also involve the release of Reckitt’s guarantee of the notes, repositioning the company's financial structure.

With the reception of the requisite consents, Reckitt is set to implement a supplemental indenture, making the proposed amendments effective on the settlement date. All remaining note holders will be subject to these changes, which are viewed as beneficial for enhancing operational flexibility and aligning overall financial strategy.

Conclusion
Remarkably, this tender offer and the associated consent solicitation represent a strategic move for Reckitt as it aims to optimize its capital structure and maintain competitive advantages. A total of $99,585,000 in aggregate principal amount of notes will remain outstanding after the settlement date, marking a significant restructuring for the company.

About Reckitt
Reckitt is a global leader in consumer health and hygiene products, with renowned brands such as Dettol, Durex, and Lysol. It is committed to developing innovative solutions that promote well-being and sustainability while enhancing the quality of life for consumers worldwide. The company's operations aim to not just deliver quality products but also extend access to healthcare and foster social responsibility within communities.