Glendale, Calif. – Avery Dennison Corporation announced today that it has priced an underwritten public offering of $500,000,000 aggregate principal amount of 2.650% Senior Notes due 2030. The Senior Notes were priced at 99.570% of their principal amount. The offering is expected to close on March 11, 2020, subject to customary closing conditions.

Avery Dennison intends to use the net proceeds from the offering to repay existing indebtedness under its commercial paper program and the $250.0 million aggregate principal amount of its 5.375% senior notes when they mature on April 15, 2020.

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

The offering is being made pursuant to an effective registration statement (containing a prospectus) that has been filed with the 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 J.P. Morgan Securities LLC collect at (212) 834-4533.

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.