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Avery Dennison Prices $400 Million Senior Notes Offering

Press release from the issuing company

MENTOR, Ohio--Avery Dennison Corporation announced today that it has priced an underwritten public offering of $400 million aggregate principal amount of 5.750% Senior Notes due 2033. The Senior Notes were priced at 99.557% of their principal amount. The offering is expected to close on March 15, 2023, subject to customary closing conditions.

The company intends to use the net proceeds from the offering to repay existing indebtedness under its commercial paper programs, to repay the $250 million aggregate principal amount of its 3.35% senior notes due 2023 when they mature on April 15, 2023 and for general corporate purposes.

The joint book-running managers for this offering are BofA Securities, Inc., Citigroup Global Markets Inc., Mizuho Securities USA LLC, HSBC Securities (USA) Inc. and SMBC Nikko Securities America, Inc., with J.P. Morgan Securities LLC, Goldman Sachs & Co. LLC, PNC Capital Markets LLC, Loop Capital Markets LLC, Standard Chartered Bank and Academy Securities, Inc. as co-managers.

The offering is being made pursuant to an effective registration statement (containing a prospectus) that has been filed with the Securities and Exchange Commission (SEC). A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A copy of the preliminary prospectus supplement and accompanying prospectus may also be obtained by calling BofA Securities, Inc. toll-free at (800) 294-1322, Citigroup Global Markets Inc. toll-free at (800) 831-9146 or Mizuho Securities USA LLC toll-free at (866) 271-7403.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction. Any offer, solicitation or sale of these securities will be made only by means of the prospectus supplement and the accompanying prospectus.


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