Reckitt completes $1.2bn tender offer for Mead Johnson 2044 notes

Reckitt Benckiser Group said on Monday it has completed a tender offer for Mead Johnson Nutrition’s $1.2bn in senior notes due 2044, securing financing to refinance the debt following its acquisition of the infant nutrition company.

The tender offer, which closed on Friday, allows Reckitt to repurchase the notes at a premium to par value, aligning with its strategy to optimize Mead Johnson’s capital structure post-merger. Financial terms were not disclosed, but the move reflects Reckitt’s focus on long-term debt management amid a period of elevated borrowing costs.

Mead Johnson, a unit of Reckitt since 2018, issued the 2044 notes as part of its standalone capital structure. The tender offer follows Reckitt’s broader refinancing efforts to reduce interest expenses amid a higher-rate environment. The company has not specified whether additional debt will be issued to replace the repurchased notes.

Reckitt’s acquisition of Mead Johnson for $16.6bn in 2018 remains one of the largest in the consumer health sector. The tender offer underscores the group’s ongoing efforts to streamline its balance sheet and improve financial flexibility.