Company: CL
Filing Date: 2025-11-03
Form Type: 424B2
Source: 0001104659-25-105106
Chunk: 12

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-11-03
Form: 424B2
Chunk 12
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, among other things, our financial condition, liquidity, results of operations, and prospects and market conditions at the time
and restrictions in the agreements governing our indebtedness. As a result, we may not be able to refinance any of our indebtedness, including
the Notes, on favorable terms, or at all.

The Notes will be structurally subordinated to all the obligations of our subsidiaries and our ability to service our debt is dependent on the performance of our subsidiaries.

None of our subsidiaries will guarantee the Notes.
Payments on the Notes are only required to be made by Colgate. As a result, no payments are required to be made by, and holders of Notes
will not have a claim against the assets of, any of our subsidiaries, except if those assets are transferred, by dividend or otherwise,
to us. Accordingly, the Notes will be structurally subordinated in right of payment to all existing and future indebtedness and other
liabilities, including trade payables and other accrued liabilities but excluding intercompany liabilities, of our subsidiaries. The incurrence
of indebtedness or other liabilities by any of our subsidiaries is not prohibited by the Indenture governing the Notes and could adversely
affect our ability to pay our obligations on the Notes. As of September 30, 2025, indebtedness of our subsidiaries, excluding intercompany
liabilities, that would have been structurally senior to the Notes, was approximately $68 million. We anticipate that from time to time
our subsidiaries may incur additional debt and other liabilities. Additionally, the Notes are structurally subordinated to all existing
and future indebtedness and other liabilities, including trade payables and other accrued liabilities, of our unconsolidated joint ventures.

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The Notes will be unsecured and therefore will effectively be subordinated to any secured debt we may incur in the future.

The Notes will not be secured by any of our assets
or those of our subsidiaries. As of September 30, 2025, we did not have any secured indebtedness outstanding on a consolidated basis.
As a result, the Notes will be effectively subordinated to any secured debt we may incur to the extent of the value of the assets securing
such debt. In any liquidation, dissolution, bankruptcy or other similar proceeding, the holders of our secured debt may assert rights
against the secured assets in order to receive full payment of their debt before the assets may be used to pay the holders of the Notes.

A downgrade