By Cristal Cody
Tupelo, Miss., Nov. 29 – Avery Dennison Corp. priced an upsized $500 million of 4.875% 10-year senior notes (Baa2/BBB) on Thursday at a spread of 190 basis points over Treasuries, according to a market source and an FWP filing with the Securities and Exchange Commission.
Pricing was at 99.5 to yield 4.939%.
The deal was upsized from $400 million.
Initial price talk on the notes was in the Treasuries plus 190 bps to 195 bps area.
BofA Merrill Lynch, J.P. Morgan Securities LLC, HSBC Securities (USA) Inc. and Citigroup Global Markets Inc. were the bookrunners.
Proceeds will be used to repay commercial paper.
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: | Dec. 6, 2028
|
| Bookrunners: | BofA Merrill Lynch, J.P. Morgan Securities LLC, HSBC Securities (USA) Inc. and Citigroup Global Markets Inc.
|
| Co-managers: | Mizuho Securities USA LLC, Standard Chartered Bank, MUFG, SMBC Nikko Securities America, Inc. and Wells Fargo Securities, LLC
|
| Coupon: | 4.875%
|
| Price: | 99.5
|
| Yield: | 4.939%
|
| Spread: | Treasuries plus 190 bps
|
| Call features: | Make-whole call at Treasuries plus 30 bps before Sept. 6, 2028; thereafter at par
|
| Trade date: | Nov. 29
|
| Settlement date: | Dec. 6
|
| Ratings: | Moody’s: Baa2
|
| S&P: BBB
|
| Distribution: | SEC registered
|
| Price talk: | Treasuries plus 190 bps-195 bps area
|
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