By Andrea Heisinger
New York, April 8 - Avery Dennison Corp. priced $250 million of 5.375% 10-year senior unsecured notes on Thursday to yield Treasuries plus 150 basis points, a market source away from the deal said.
The notes (Baa2/BBB) priced at 99.931 to yield 5.384%.
There is a make-whole call at 25 bps over Treasuries a change-of-control put at 101%.
Bank of America Merrill Lynch and J.P. Morgan Securities Inc. were the bookrunners. Co-managers were Barclays Capital Inc. and Wells Fargo Securities.
Proceeds are being used to repay a portion of debt under a term loan credit facility of a subsidiary.
The office products and branding company is based in Pasadena, Calif.
| Issuer: | Avery Dennison Corp.
|
| Issue: | Senior unsecured notes
|
| Amount: | $250 million
|
| Maturity: | April 15, 2020
|
| Bookrunners: | Bank of America Merrill Lynch, J.P. Morgan Securities Inc.
|
| Co-managers: | Barclays Capital Inc., Wells Fargo Securities
|
| Coupon: | 5.375%
|
| Price: | 99.931
|
| Yield: | 5.384%
|
| Spread: | Treasuries plus 150 bps
|
| Call: | Make-whole at Treasuries plus 25 bps
|
| Change-of-control put: | 101%
|
| Trade date: | April 8
|
| Settlement date: | April 13
|
| Ratings: | Moody's: Baa2
|
| Standard & Poor's: BBB
|
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