---
schema_version: "secwatch.filing_event.v1"
accession: "0001193125-23-018210"
form_type: "8-K"
ticker: "AVY"
cik: "0000008818"
company_name: "Avery Dennison Corp"
filed_at: "2023-01-30T23:59:59+00:00"
generated_at: "2026-06-20T06:57:52.747287+00:00"
event_type: "debt"
sentiment: "neutral"
materiality_score: 0.5
calibrated_materiality_score: 0.5
confidence: "high"
source: SEC EDGAR
---

# Avery Dennison extends credit facility maturity to 2026 and ups revolving commitments to $1.2B

## Summary
- Entered Amendment No. 2 to Fifth Amended Credit Agreement on Jan 24, 2023.
- Maturity extended one year from Feb 2025 to Feb 2026 via existing extension option.
- Added $400M of revolving commitments, raising total to $1.2B.
- Benchmark rate replaced with Term SOFR for USD and Alternative Currency Term Rate for other currencies.
- All existing lenders plus two new lenders (PNC, Agricultural Bank of China) participated.

## SEC filing metadata
- accession: 0001193125-23-018210
- form_type: 8-K
- ticker: AVY
- cik: 0000008818
- company_name: Avery Dennison Corp
- filed_at: 2023-01-30T23:59:59+00:00
- event_type: debt
- sentiment: neutral
- materiality_score: 0.5
- calibrated_materiality_score: 0.5
- confidence: high
- sec_items: 1.01, 2.03, 9.01
- EDGAR index: https://www.sec.gov/Archives/edgar/data/8818/000119312523018210/0001193125-23-018210-index.htm
- EDGAR primary document: https://www.sec.gov/Archives/edgar/data/8818/000119312523018210/d445993d8k.htm

## Machine-readable alternates
- HTML: https://secwatch.observer/filing/0001193125-23-018210
- JSON: https://secwatch.observer/filing/0001193125-23-018210.json
- Plain text: https://secwatch.observer/filing/0001193125-23-018210.txt

## Key facts
- Debt Financings
  Avery Dennison Corp amended credit facility of $400 million for total commitments under the Credit Agreement of $1,200 million with Bank of America, N.A., as administrative agent at Term SOFR for borrowings denominated in U.S. Dollars, and Alternative Currency T maturing February 13, 2026.
  - Instrument: credit facility
  - Principal: $400 million for total commitments under the Credit Agreement of $1,200 million
  - Counterparty: Bank of America, N.A., as administrative agent
  - Rate: Term SOFR for borrowings denominated in U.S. Dollars, and Alternative Currency T
  - Maturity: February 13, 2026
  - Event: amendment
  source text: under the Existing Credit Agreement to extend the maturity date from February 13, 2025 to February 13, 2026, and (iii) incur additional revolving commitments in the amount of $400 million for total commitments under the Credit Agreement of $1,200 million. The terms “Alternative Currency Term Rate,” “EURIBOR,” “Eurocurrency Rate,” “SONIA,” and “Term SOFR” have
  evidence_url: https://www.sec.gov/Archives/edgar/data/8818/000119312523018210/0001193125-23-018210-index.htm
- Material Agreements
  Avery Dennison Corp amended Amendment No. 2 to Credit Agreement with lenders party thereto, Bank of America, N.A., as administrative agent, Mizuho Bank, Ltd., as syndication agent valued at $400 million (effective 2023-01-24).
  - Action: amendment
  - Agreement: credit facility
  - Counterparty: lenders party thereto, Bank of America, N.A., as administrative agent, Mizuho Bank, Ltd., as syndication agent
  - Value: $400 million
  - Effective: 2023-01-24
  source text: On January 24, 2023, Avery Dennison Corporation, a Delaware corporation (the “Company”), entered into Amendment No. 2 to Credit Agreement (the “Amendment”) with the lenders party thereto, Bank of America, N.A., as administrative agent (the “Administrative Agent”), and Mizuho Bank, Ltd., as syndication agent, which amends that certain Fifth Amended and Restated Credit Agreement dated as of February 13, 2020 (as amended by that certain First Amendment dated as of August 9, 2021, the “Existing Credit Agreement,” and as further amended by the Amendment, the “Credit Agreement,”), to (i) replace the benchmark reference rate of Eurocurrency Rate with (x) Term SOFR for borrowings denominated in U.S. Dollars, and (y) Alternative Currency Term Rate (which is SONIA for borrowings denominated in Sterling, EURIBOR for borrowings denominated in Euros, or such benchmark reference rate with respect to any other currency (other than Euros, Sterling, or U.S. Dollars) as approved by the Administrative Ag
  evidence_url: https://www.sec.gov/Archives/edgar/data/8818/000119312523018210/0001193125-23-018210-index.htm

This AI-assisted summary is a reading aid. Review the linked SEC EDGAR filing before relying on any specific claim.