J&J consumer health spinoff Kenvue begins bond sale to fund separation (updated)

Editor's note: Story has been updated to reflect amount of bond sale.

• Kenvue (KVUE), the consumer health spinoff of health care giant Johnson & Johnson (NYSE:JNJ), has begun an 8-part bond sale to fund its separation, Bloomberg reported.
• The company is selling $7.75B worth of bonds in the sale.
• The move comes a few days after Kenvue (KVUE) added banks participating in underwriting its initial public offering. The initial banks were Goldman Sachs and J.P. Morgan, but others including BofA Securities, Citigroup, Deutsche Bank, BNP Paribas, HSBC, RBC Capital Markets, and UBS have joined, according to a recent SEC filing.
• Moody's has assigned an "A1" rating to Kenvue's (KVUE) first-time senior unsecured notes with a stable rating outlook. S&P gave the notes a preliminary "A" rating.
• Check out Seeking Alpha contributor Deep Value Ideas' discussion of why the Kenvue (KVUE) IPO will still leave J&J (JNJ) with most of the responsibility for talc lawsuits.