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Avery Dennison Prices $500 Million Senior Notes Offering

November 29, 2018

GLENDALE, Calif.--(BUSINESS WIRE)--Nov 29, 2018--Avery Dennison Corporation (NYSE: AVY) announced today that it has priced an underwritten public offering of $500,000,000 aggregate principal amount of 4.875% Senior Notes due 2028. The Senior Notes were priced at 99.500% of their principal amount. The offering is expected to close on December 6, 2018, subject to customary closing conditions.

The company intends to use the net proceeds from the offering to repay existing indebtedness under its commercial paper program.

The joint book-running managers for the offering are Merrill Lynch, Pierce, Fenner & Smith Incorporated, J.P. Morgan Securities LLC, HSBC Securities (USA) Inc. and Citigroup Global Markets Inc., with Mizuho Securities USA LLC, Standard Chartered Bank, MUFG Securities Americas Inc., SMBC Nikko Securities America, Inc., and Wells Fargo Securities, LLC as co-managers.

The offering is being made pursuant to an effective registration statement (containing a prospectus) that has been filed with the SEC. A preliminary prospectus supplement related to the offering has been filed with the SEC and is available on the SEC’s website at http://www.sec.gov. A copy of the preliminary prospectus supplement and accompanying prospectus may also be obtained by calling Merrill Lynch, Pierce, Fenner & Smith Incorporated toll free at (800) 294-1322, J.P. Morgan Securities LLC collect at (212) 834-4533 or HSBC Securities (USA) Inc. toll free at (866) 811-8049.

This press release does not constitute an offer to sell or a solicitation of an offer to buy these securities, nor shall there be any sale of these securities in any jurisdiction in which such an offer, solicitation or sale would be unlawful prior to registration or qualification under the securities laws of any such jurisdiction.

About Avery Dennison

Avery Dennison (NYSE: AVY) is a global materials science company specializing in the design and manufacture of a wide variety of labeling and functional materials. The company’s products, which are used in nearly every major industry, include pressure-sensitive materials for labels and graphic applications; tapes and other bonding solutions for industrial, medical, and retail applications; tags, labels and embellishments for apparel; and radio frequency identification (RFID) solutions serving retail apparel and other markets. Headquartered in Glendale, California, the company employs approximately 30,000 employees in more than 50 countries.

“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:

Certain statements contained in this document contain “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995. These statements, which are not statements of historical fact, contain estimates, assumptions, projections and/or expectations regarding future events, which may or may not occur. Words such as “aim,” “anticipate,” “assume,” “believe,” “continue,” “could,” “estimate,” “expect,” “foresee,” “guidance,” “intend,” “may,” “might,” “objective,” “plan,” “potential,” “project,” “seek,” “shall,” “should,” “target,” “will,” “would,” or variations thereof, and other expressions that refer to future events and trends, identify forward-looking statements. These forward-looking statements, and financial or other business targets, are subject to certain risks and uncertainties, which could cause our actual results to differ materially from the expected results, performance or achievements expressed or implied by such forward-looking statements.

Certain risks and uncertainties are discussed in more detail under “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our Annual Report on Form 10-K for the fiscal year ended December 31, 2017, and other subsequent filings, and include, but are not limited to, risks and uncertainties relating to the following: fluctuations in demand affecting sales to customers; worldwide and local economic conditions; changes in political conditions; changes in governmental laws and regulations; fluctuations in foreign currency exchange rates and other risks associated with foreign operations, including in emerging markets; the financial condition and inventory strategies of customers; changes in customer preferences; fluctuations in cost and availability of raw materials; our ability to generate sustained productivity improvement; our ability to achieve and sustain targeted cost reductions; the impact of competitive products and pricing; loss of significant contracts or customers; collection of receivables from customers; selling prices; business mix shift; execution and integration of acquisitions; timely development and market acceptance of new products, including sustainable or sustainably-sourced products; investment in development activities and new production facilities; amounts of future dividends and share repurchases; customer and supplier concentrations; successful implementation of new manufacturing technologies and installation of manufacturing equipment; disruptions in information technology systems including cyber-attacks or other intrusions to network security; successful installation of new or upgraded information technology systems; data security breaches; volatility of financial markets; impairment of capitalized assets, including goodwill and other intangibles; credit risks; our ability to obtain adequate financing arrangements and maintain access to capital; fluctuations in interest and tax rates; changes in tax laws and regulations, including the Tax Cuts and Jobs Act, and uncertainties associated with interpretations of such laws and regulations; outcome of tax audits; fluctuations in pension, insurance, and employee benefit costs, including risk related to the termination of our U.S. pension plan; the impact of legal and regulatory proceedings, including with respect to environmental, health and safety; protection and infringement of intellectual property; the impact of epidemiological events on the economy and our customers and suppliers; acts of war, terrorism, and natural disasters; and other factors.

The forward-looking statements included in this document are made only as of the date of this document, and we assume no duty to update the forward-looking statements to reflect new, changed or unanticipated events or circumstances, other than as may be required by law.

View source version on businesswire.com:https://www.businesswire.com/news/home/20181129005845/en/

CONTACT: Avery Dennison Corporation

Media Relations:

Rob Six, (626) 304-2361

rob.six@averydennison.com

or

Investor Relations:

Cynthia Guenther, (626) 304-2204

investorcom@averydennison.com

KEYWORD: UNITED STATES NORTH AMERICA CALIFORNIA

INDUSTRY KEYWORD: SUPPLY CHAIN MANAGEMENT MANUFACTURING CHEMICALS/PLASTICS PACKAGING OTHER MANUFACTURING RETAIL OTHER RETAIL

SOURCE: Avery Dennison Corporation

Copyright Business Wire 2018.

PUB: 11/29/2018 06:00 PM/DISC: 11/29/2018 06:01 PM

http://www.businesswire.com/news/home/20181129005845/en

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