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).
“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”
William R. Wagner was appointed as Director at Avery Dennison Corp.
“On October 27, 2022, upon the recommendation of its Governance Committee, the Board of Directors (the “Board”) of Avery Dennison Corporation, a Delaware corporation (the “Company”), appointed William R. Wagner to the Board, effective on that date.”
Mark J. Barrenechea departed as Director at Avery Dennison Corp.
“Mark J. Barrenechea, a member of the Board of Directors (“Board”) of Avery Dennison Corporation (the “Company”), notified the Board of his decision not to stand for reelection at the Company’s annual meeting of stockholders to be held on April 28, 2022 so that he can focus on other endeavors. Mr. Barrenechea’s decision was not the result of any disagreement with the Company.”
Mitchell R. Butier changed role as President at Avery Dennison Corp.
“Mitchell R. Butier, currently the Company’s Chairman, President and Chief Executive Officer, will cease serving as the Company’s President after that date.”
Deon M. Stander was elected as President and Chief Operating Officer (COO) at Avery Dennison Corp.
“the Board elected Deon M. Stander as the Company’s President and Chief Operating Officer (COO), effective March 1, 2022.”
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