Debevoise is advising The Prudential Insurance Company of America (“Prudential”) in its agreement to sell a group annuity contract to Kimberly-Clark Corporation (“Kimberly-Clark”). Kimberly-Clark is also purchasing a group annuity contract from Massachusetts Mutual Life Insurance Company (“MassMutual”). The purchase of these two group annuity contracts will reduce Kimberly-Clark’s pension liabilities by about $2.5 billion.

Beginning in June, Prudential and MassMutual will evenly split the financial responsibility for the pension benefits of approximately 21,000 U.S. retirees. Under the agreement, retirees will receive their benefit payments directly from Prudential, which will be the annuity administrator.

Prudential Financial, Inc., a financial services leader, has operations in the United States, Asia, Europe and Latin America. The company is committed to helping individual and institutional customers grow and protect their wealth through a variety of products and services, including life insurance, annuities, retirement-related services, mutual funds and investment management. In the U.S., Prudential's iconic Rock symbol has stood for strength, stability, expertise and innovation for more than a century.

The Debevoise team is led by partners Nicholas F. Potter and Alexander R. Cochran and includes partner Jonathan F. Lewis, counsel Brandon C. Gruner and associates Kristen A. Matthews, Matthew B. Parelman, Alan J. Yurowitz and Emily Zand.

Debevoise & Plimpton LLP is a premier law firm with market-leading practices, a global perspective and strong New York roots. The firm’s commercially savvy lawyers regularly lead strategic transactions and complex disputes for world-class clients.