Avery Dennison plans to sell senior notes in tranches due 2024, 2032; price talk emerges

By Devika Patel and Cristal Cody

Knoxville, Tenn., Aug. 10 – Avery Dennison Corp. is expected to price fixed-rate senior notes in two tranches, according to a 424B5 filing with the Securities and Exchange Commission.

The offering includes $400 million of notes due Aug. 15, 2024 talked to yield in the 70 basis points area over Treasuries and $400 million of notes due Feb. 15, 2032 with price talk in the 120 bps area over Treasuries, according to a market source.

The tranches of notes feature a make-whole call and then a par call.

Goldman Sachs & Co. LLC, BofA Securities Inc., Citigroup Global Markets Inc. and J.P. Morgan Securities LLC are the bookrunners.

Proceeds will be used for the company's planned acquisition of CB Velocity Holdings, LLC and for general corporate purposes.

Avery Dennison is a Pasadena, Calif.-based maker of pressure-sensitive materials, retail branding and information products and organization and identification products.

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