GLENDALE, Calif. -- (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.
View source version on businesswire.com: http://www.businesswire.com/news/home/20170224005552/en/
Contacts:
Avery Dennison Corporation
Media Relations:
Rob
Six, (626) 304-2361
rob.six@averydennison.com
or
Investor
Relations:
Garrett Gabel, (626) 304-2399
investorcom@averydennison.com
Source: Avery Dennison Corporation
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