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Avery Dennison begins exchange offer for 95% of HiMEDS convertible units
By Susanna Moon
Chicago, Feb. 3 - Avery Dennison Corp. said it will exchange up to 8.36 million, or 95%, of its HiMEDS units for shares of common stock and cash.
The HiMEDS units have a stated amount of $50.00 each and comprise a purchase contract for common stock and a 5% undivided beneficial interest in a $1,000 principal amount 5.35% senior note due Nov. 15, 2020.
The company is offering 0.9756 shares and $6.50 in cash, which includes accrued interest on the notes, for each HiMEDS unit.
The offer will expire at 12:01 a.m. ET on March 4.
The offer is not subject to a minimum condition.
D.F. King & Co., Inc. (800 758-5880 or collect 212 269-5550) is the exchange agent and information agent.
Avery Dennison is based in Pasadena, Calif., and makes identification and decorative products.
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