Company: CL
Filing Date: 2025-04-30
Form Type: 424B2
Source: 0001104659-25-042488
Chunk: 8

Company: COLGATE PALMOLIVE CO
Filing Date: 2025-04-30
Form: 424B2
Chunk 8
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 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 March 31, 2025, indebtedness of our subsidiaries, excluding intercompany
liabilities, that would have been structurally senior to the Notes, was approximately $75 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 March 31, 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 in our corporate credit ratings could materially adversely affect our financial condition, liquidity and results of operations and the market price of the Notes.

Our corporate credit ratings are subject to ongoing
evaluation by credit rating agencies, and we cannot assure you that any rating will not be changed or withdrawn by a rating agency in
the future if, in its judgment, circumstances warrant. Moreover, such credit ratings are not recommendations to buy, sell or hold the
Notes or any other securities. If any credit rating agency downgrades our corporate ratings or otherwise indicates that its outlook for
that rating is negative, it could have a material adverse effect on the market price of the Notes and our costs and availability of capital,
which could in turn have a material adverse effect on our financial condition, liquidity and