Avery Dennison enters $1.2B revolving credit facility, maturing 2029

Avery Dennison Corp

New $1.2B unsecured revolving credit facility dated June 26, 2024, replaces prior 2020 facility.
Maturity date June 26, 2029; option to increase commitments by up to $600M.
Interest margins: Term SOFR/Alternative Currency Loans from 0.795%-1.300% based on debt ratings.
Financial covenant: max leverage ratio of 3.50:1 (4.00:1 for 4 quarters after acquisitions >$250M).
Facility supports working capital and general corporate purposes; no new borrowings disclosed.

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