Avery Dennison prepares $250 million sale of 10-year notes for Wednesday pricing

By Andrea Heisinger

New York, April 3 - Avery Dennison Corp. is expected to price $250 million of 10-year senior notes (Baa2/BBB/) in Wednesday's session, a market source said.

The notes will feature a make-whole call until three months prior to maturity. There is a change-of-control put at 101%.

Active bookrunners are BofA Merrill Lynch and J.P. Morgan Securities LLC. Passive bookrunners are RBS Securities Inc. and Wells Fargo Securities LLC.

Proceeds will be used to repay existing debt under a commercial paper program.

Avery Dennison was last in the U.S. bond market with a $250 million offering of 5.375% 10-year notes sold at 150 basis points over Treasuries on April 8, 2010.

The office products and labeling company is based in Pasadena, Calif.

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