Avery Dennison Prices $500 Million Senior Notes Offering
30 November 2018 - 10:00AM
Business Wire
Avery Dennison Corporation (NYSE: AVY) announced today that it
has priced an underwritten public offering of $500,000,000
aggregate principal amount of 4.875% Senior Notes due 2028. The
Senior Notes were priced at 99.500% of their principal amount. The
offering is expected to close on December 6, 2018, subject to
customary closing conditions.
The company intends to use the net proceeds from the offering to
repay existing indebtedness under its commercial paper program.
The joint book-running managers for the offering are Merrill
Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan
Securities LLC, HSBC Securities (USA) Inc. and Citigroup Global
Markets Inc., with Mizuho Securities USA LLC, Standard Chartered
Bank, MUFG Securities Americas Inc., SMBC Nikko Securities America,
Inc., and Wells Fargo Securities, 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 Merrill Lynch, Pierce, Fenner & Smith Incorporated toll
free at (800) 294-1322, J.P. Morgan Securities LLC collect at (212)
834-4533 or HSBC Securities (USA) Inc. toll free at (866)
811-8049.
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.
About Avery Dennison
Avery Dennison (NYSE: AVY) is a global materials science company
specializing in the design and manufacture of a wide variety of
labeling and functional materials. The company’s products, which
are used in nearly every major industry, include pressure-sensitive
materials for labels and graphic applications; tapes and other
bonding solutions for industrial, medical, and retail applications;
tags, labels and embellishments for apparel; and radio frequency
identification (RFID) solutions serving retail apparel and other
markets. Headquartered in Glendale, California, the company employs
approximately 30,000 employees in more than 50 countries.
“Safe Harbor” Statement under the Private
Securities Litigation Reform Act of 1995:
Certain statements contained in this document contain
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995. These statements, which
are not statements of historical fact, contain estimates,
assumptions, projections and/or expectations regarding future
events, which may or may not occur. Words such as “aim,”
“anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,”
“expect,” “foresee,” “guidance,” “intend,” “may,” “might,”
“objective,” “plan,” “potential,” “project,” “seek,” “shall,”
“should,” “target,” “will,” “would,” or variations thereof, and
other expressions that refer to future events and trends, identify
forward-looking statements. These forward-looking statements, and
financial or other business targets, are subject to certain risks
and uncertainties, which could cause our actual results to differ
materially from the expected results, performance or achievements
expressed or implied by such forward-looking statements.
Certain risks and uncertainties are discussed in more detail
under “Risk Factors” and “Management’s Discussion and Analysis of
Financial Condition and Results of Operations” in our Annual Report
on Form 10-K for the fiscal year ended December 31, 2017, and other
subsequent filings, and include, but are not limited to, risks and
uncertainties relating to the following: fluctuations in demand
affecting sales to customers; worldwide and local economic
conditions; changes in political conditions; changes in
governmental laws and regulations; fluctuations in foreign currency
exchange rates and other risks associated with foreign operations,
including in emerging markets; the financial condition and
inventory strategies of customers; changes in customer preferences;
fluctuations in cost and availability of raw materials; our ability
to generate sustained productivity improvement; our ability to
achieve and sustain targeted cost reductions; the impact of
competitive products and pricing; loss of significant contracts or
customers; collection of receivables from customers; selling
prices; business mix shift; execution and integration of
acquisitions; timely development and market acceptance of new
products, including sustainable or sustainably-sourced products;
investment in development activities and new production facilities;
amounts of future dividends and share repurchases; customer and
supplier concentrations; successful implementation of new
manufacturing technologies and installation of manufacturing
equipment; disruptions in information technology systems including
cyber-attacks or other intrusions to network security; successful
installation of new or upgraded information technology systems;
data security breaches; volatility of financial markets; impairment
of capitalized assets, including goodwill and other intangibles;
credit risks; our ability to obtain adequate financing arrangements
and maintain access to capital; fluctuations in interest and tax
rates; changes in tax laws and regulations, including the Tax Cuts
and Jobs Act, and uncertainties associated with interpretations of
such laws and regulations; outcome of tax audits; fluctuations in
pension, insurance, and employee benefit costs, including risk
related to the termination of our U.S. pension plan; the impact of
legal and regulatory proceedings, including with respect to
environmental, health and safety; protection and infringement of
intellectual property; the impact of epidemiological events on the
economy and our customers and suppliers; acts of war, terrorism,
and natural disasters; and other factors.
The forward-looking statements included in this document are
made only as of the date of this document, and we assume no duty to
update the forward-looking statements to reflect new, changed or
unanticipated events or circumstances, other than as may be
required by law.
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Avery Dennison CorporationMedia Relations:Rob Six, (626)
304-2361rob.six@averydennison.comorInvestor
Relations:Cynthia Guenther, (626)
304-2204investorcom@averydennison.com
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