GLENDALE, Calif.--(BUSINESS WIRE)--Nov. 29, 2018--
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.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181129005845/en/
Source: Avery Dennison Corporation
Avery Dennison Corporation
Media Relations:
Rob Six, (626)
304-2361
rob.six@averydennison.com
or
Investor
Relations:
Cynthia Guenther, (626) 304-2204
investorcom@averydennison.com