Avery Dennison Prices €500 Million Senior Notes Offering
February 24 2017 - 11:17AM
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 1.250% Senior Notes due 2025. The
Senior Notes were priced at 99.917% of their principal amount. The
offering is expected to close on March 3, 2017, subject to
customary closing conditions.
Avery Dennison intends to use approximately €200 million of the
net proceeds from the offering to repay commercial paper borrowings
that it used to finance a portion of its acquisition of the
European business of Mactac in August 2016, and the remainder for
general corporate purposes, which may include the repayment of
other indebtedness, including its 6.625% Guaranteed Notes due 2017,
acquisitions, including the acquisitions of Hanita Coatings and
Yongle Tape Company, capital expenditures, working capital and
other corporate purposes.
The joint book-running managers for this offering are HSBC Bank
plc, J.P. Morgan Securities plc and Merrill Lynch International,
with MUFG Securities EMEA plc, Standard Chartered Bank, Mizuho
International plc, SMBC Nikko Capital Markets Limited and Wells
Fargo Securities International Limited 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 HSBC Bank plc toll free at (866) 811-8049, J.P. Morgan
Securities plc collect at +44 (0)207-134-2468 or Merrill Lynch
International collect at +44 (0)207-995-3966.
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 leader in
pressure-sensitive and functional materials and labeling solutions
for the retail apparel market. The company’s applications and
technologies are an integral part of products used in every major
industry. With operations in more than 50 countries and more than
25,000 employees worldwide, Avery Dennison serves customers in the
consumer packaging, graphical display, logistics, apparel,
industrial and healthcare industries. Headquartered in Glendale,
California, the company reported sales of $6.1 billion in 2016.
“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, 2016 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 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 and completion of potential
dispositions; 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, and uncertainties
associated with interpretations of such laws and regulations;
outcome of tax audits; fluctuations in pension, insurance, and
employee benefit costs; 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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version on businesswire.com: http://www.businesswire.com/news/home/20170224005552/en/
Avery Dennison CorporationMedia Relations:Rob
Six, (626)
304-2361rob.six@averydennison.comorInvestor
Relations:Garrett Gabel, (626)
304-2399investorcom@averydennison.com
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