Avery Dennison Prices $500 Million Senior Notes Offering
05 March 2020 - 11:15AM
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 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.
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
more than 30,000 employees in over 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 28, 2019 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 and market conditions;
changes in political conditions; fluctuations in foreign currency
exchange rates and other risks associated with foreign operations,
including in emerging markets; changes in our markets due to
competitive conditions, technological developments, laws and
regulations, and customer preferences; fluctuations in the cost and
availability of raw materials and energy; changes in governmental
laws and regulations; the impact of competitive products and
pricing; the financial condition and inventory strategies of
customers; our ability to generate sustained productivity
improvement; our ability to achieve and sustain targeted cost
reductions; loss of significant contracts or customers; collection
of receivables from customers; selling prices; business mix shift;
execution and integration of acquisitions; product and service
quality; 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 or consolidations; fluctuations in interest and tax
rates; changes in tax laws and regulations, and uncertainties
associated with interpretations of such laws and regulations;
retention of tax incentives; outcome of tax audits; 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; the
realization of deferred tax assets; interest rates and our debt
covenants; fluctuations in pension, insurance, and employee benefit
costs; goodwill impairment; the impact of legal and regulatory
proceedings, including with respect to environmental, health and
safety, anti-corruption and trade compliance; 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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version on businesswire.com: https://www.businesswire.com/news/home/20200304005860/en/
Avery Dennison Corporation Media Relations: Rob
Six, (626) 304-2361 rob.six@averydennison.com
Investor Relations: Cynthia Guenther, (626)
304-2204 cynthia.guenther@averydennison.com
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