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Avery Dennison completes remarketing of $109.35 million senior notes underlying HiMEDS units
By Jennifer Chiou
New York, Nov. 5 - Avery Dennison Corp. announced that it will purchase its $109.35 million of senior notes due 2020 in the completed remarketing of those notes.
The notes make up part of the company's HiMEDS mandatory convertible equity units. Each unit includes a purchase contract for common stock and a 5% undivided beneficial interest in $1,000 principal amount of 5.35% senior notes due Nov. 15, 2020.
Proceeds from the remarketing will be used by the unitholders to settle their obligations to purchase shares of Avery Dennison from the company.
The remarketing is expected to settle on Nov. 15, at which time the company intends to cancel the notes.
When the remarketing was announced earlier in the month, Avery Dennison said it would use its best efforts to remarket the notes at a price that will result in net cash proceeds equal to 100.25% of par.
The remarketed notes will mature on Nov. 15, 2015.
In 2009, the company issued stock and cash in exchange for $330.65 million of the units, and it remarketed the remaining notes on behalf of the unitholders.
J.P. Morgan Securities LLC (212 834-4533) is the remarketing agent.
Avery Dennison is a Pasadena, Calif.-based maker of pressure-sensitive materials, retail branding and information products and organization and identification products.
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