PASADENA, Calif., Apr 08, 2010 (BUSINESS WIRE) --Avery Dennison Corporation (NYSE: AVY) announced today that it has
priced an underwritten public offering of $250,000,000 aggregate
principal amount of 5.375% Senior Notes due 2020. The Senior Notes were
priced at 99.931% of their face amount. The offering is expected to
close on April 13, 2010, subject to market conditions and other factors.
Avery Dennison intends to use the net proceeds from the offering to
repay a portion of the indebtedness outstanding under the term loan
credit facility of one of its wholly owned subsidiaries. The joint
book-running managers for this offering are Banc of America Securities
LLC and J.P. Morgan Securities Inc. with Barclays Capital Inc. and Wells
Fargo Securities, LLC as co-managers.
This announcement 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. Avery
Dennison has filed a registration statement with the SEC relating to the
offering. The Senior Notes offering may be made only by means of a
prospectus and a related prospectus supplement, copies of which may be
obtained when available from Banc of America Securities LLC, at 100 West
33rd Street, New York, NY 10001, Attention: Prospectus Department,
866-500-5408, or from J.P. Morgan Securities Inc., at 1 Chase Manhattan
Plaza, Floor 5B 10179, 212-834-4533.
About Avery Dennison
Avery Dennison is a recognized industry leader that develops innovative
identification and decorative solutions for businesses and consumers
worldwide. The Company's products include pressure-sensitive labeling
materials; graphics imaging media; retail apparel ticketing and branding
systems; RFID inlays and tags; office products; specialty tapes; and a
variety of specialized labels for automotive, industrial and durable
goods applications. A FORTUNE 500 company with sales of $6 billion in
2009, Avery Dennison is based in Pasadena, California, and has employees
in over 60 countries. For more information, visit www.averydennison.com.
"Safe Harbor" Statement under the Private Securities Litigation
Reform Act of 1995:
This press release may contain "forward-looking" statements intended to
qualify for the safe harbor from liability established by the Private
Securities Litigation Reform Act of 1995. These statements, which are
not statements of historical fact, may 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," "guidance," "intend," "may,"
"might," "objective," "plan," "potential," "project," "seek," "shall,"
"should," "target," "will," "would," or variations thereof and other
expressions, which refer to future events and trends, identify
forward-looking statements.
Forward-looking statements and financial or other business targets are
subject to certain risks and uncertainties. Actual results and trends
may differ materially from historical or anticipated results depending
on a variety of factors, including but not limited to risks and
uncertainties relating to investment in development activities and new
production facilities; fluctuations in cost and availability of raw
materials; our ability to achieve and sustain targeted cost reductions;
our ability to generate sustained productivity improvement; successful
integration of acquisitions; successful implementation of new
manufacturing technologies and installation of manufacturing equipment;
the financial condition and inventory strategies of customers; customer
and supplier concentrations; changes in customer order patterns; loss of
significant contracts or customers; timely development and market
acceptance of new products; fluctuations in demand affecting sales to
customers; impact of competitive products and pricing; selling prices;
business mix shift; volatility of capital and credit markets; impairment
of capitalized assets, including goodwill and other intangibles; credit
risks; our ability to obtain adequate financing arrangements and to
maintain access to capital; fluctuations in interest and tax rates;
fluctuations in pension, insurance and employee benefit costs; impact of
legal proceedings, including a previous government investigation into
industry competitive practices, and any related proceedings or lawsuits
pertaining thereto or to the subject matter thereof related to the
concluded investigation by the U.S. Department of Justice ("DOJ")
(including purported class actions seeking treble damages for alleged
unlawful competitive practices, which were filed after the announcement
of the DOJ investigation), as well as the impact of potential violations
of the U.S. Foreign Corrupt Practices Act; changes in tax laws and
regulations; changes in governmental regulations; changes in political
conditions; fluctuations in foreign currency exchange rates and other
risks associated with foreign operations; worldwide and local economic
conditions; impact of epidemiological events on the economy and our
customers and suppliers; acts of war, terrorism, and natural disasters;
and other factors.
We believe that the most significant risk factors that could affect our
financial performance in the near-term include (1) the impact of
economic conditions on underlying demand for our products and on the
carrying value of our assets; (2) the impact of competitors' actions,
including pricing, expansion in key markets and product offerings; and
(3) the degree to which higher costs can be offset with productivity
measures and/or passed on to customers through selling price increases,
without a significant loss of volume. For a more detailed discussion of
these and other risk factors, see "Risk Factors" in Part I, Item 1A.
"Risk Factors" and Part II, Item 7 "Management's Discussion and Analysis
of Results of Operations and Financial Condition" in our Annual Report
on Form 10-K for the fiscal year ended January 2, 2010. The
forward-looking statements included in this press release are made only
as of the date hereof, and we undertake no obligation to update the
forward-looking statements to reflect subsequent events or
circumstances, except as required by law.
SOURCE: Avery Dennison Corporation
Avery Dennison Corporation
Media Relations:
David Frail, 626-304-2014
communications@averydennison.com
Investor Relations:
Eric M. Leeds, 626-304-2029
investorcom@averydennison.com
