By Cristal Cody
Tupelo, Miss., March 4 – Avery Dennison Corp. priced $500 million of 2.65% 10-year senior notes (Baa2/BBB) on Wednesday at a spread of 170 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Initial price talk was in the Treasuries plus 187.5 bps area.
Pricing was at 99.57 to yield 2.699%.
BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and HSBC Securities (USA) Inc. were the bookrunners.
Proceeds will be used to repay commercial paper and to repay $250 million of 5.375% notes that mature on April 15, 2020.
Avery Dennison is a Pasadena, Calif.-based maker of pressure-sensitive materials, retail branding and information products and organization and identification products
| Issuer: | Avery Dennison Corp.
|
| Amount: | $500 million
|
| Description: | Senior notes
|
| Maturity: | April 30, 2030
|
| Bookrunners: | BofA Securities Inc., Citigroup Global Markets Inc., J.P. Morgan Securities LLC and HSBC Securities (USA) Inc.
|
| Co-managers: | Mizuho Securities USA LLC, SMBC Nikko Securities America, Inc. and Goldman Sachs & Co. LLC
|
| Coupon: | 2.65%
|
| Price: | 99.57
|
| Yield: | 2.699%
|
| Spread: | Treasuries plus 170 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps before Jan. 30, 2030; thereafter at par
|
| Trade date: | March 4
|
| Settlement date: | March 11
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 187.5 bps area
|
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