Avery Dennison Corp (AVY): debt financing — Avery Dennison issues $400M 5.75% senior notes due 2033; proceeds to refinance debt

Avery Dennison Corp

Issued $400M of 5.750% senior notes due March 15, 2033; net proceeds ~$394.8M.
Proceeds to repay commercial paper, $250M 3.350% notes due April 2023, and general corporate purposes.
Notes are unsecured, unsubordinated, rank equally with other unsecured debt.
Redeemable at any time at make-whole price; after Dec 15, 2023, at 100% plus accrued interest.
Change of control triggers offer to repurchase at 101% of principal.

Key facts

Extracted from this filing and checked against the source text.

Debt Financings SEC 8-K Item 2.03/2.04 confidence 0.9

Avery Dennison Corp incurred senior notes of $400,000,000 with The Bank of New York Mellon Trust Company, N.A. at 5.750% per year maturing March 15, 2033.

Instrument: senior notes
Principal: $400,000,000
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Rate: 5.750% per year
Maturity: March 15, 2033
Event: incurrence

Exact text from the filing

closed its previously announced issuance of $400,000,000 aggregate principal amount of 5.750% senior notes due 2033

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Material Agreements SEC 8-K Item 1.01/1.02 confidence 0.99

Avery Dennison Corp entered into 5.750% Senior Notes due 2033 Indenture with The Bank of New York Mellon Trust Company, N.A. valued at $400,000,000 aggregate principal amount of 5.750% senior notes due 2033 (effective 2023-03-15).

Action: entry
Agreement: notes offering
Counterparty: The Bank of New York Mellon Trust Company, N.A.
Value: $400,000,000 aggregate principal amount of 5.750% senior notes due 2033
Effective: 2023-03-15

Exact text from the filing

On March 15, 2023, Avery Dennison Corporation, a Delaware corporation (the “Company”), closed its previously announced issuance of $400,000,000 aggregate principal amount of 5.750% senior notes due 2033 (the “Notes”).

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Avery Dennison Corp filing history →

Source: SEC EDGAR

accession 0001193125-23-071285

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