Avery Dennison plans exchange offer for 7.875% HiMEDS convertible units

By Angela McDaniels

Tacoma, Wash., Jan. 27 - Avery Dennison Corp. plans to offer to exchange its $440 million 7.875% HiMEDS mandatory convertible equity units for shares of its common stock and other consideration.

The offer is expected to occur sometime in the first quarter, according to a company news release.

The company said that although the units do not require mandatory settlement until November 2010, it believes that taking the dilution now is appropriate given the benefits of having lower leverage in today's environment.

Avery Dennison is based in Pasadena, Calif., and makes identification and decorative products.

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