Avery Dennison launches USD 225m capped cash tender offer for two note series

On 5 November 2026 Avery Dennison launched cash tender offers for two series of its outstanding notes, capped at USD 225m of principal in total and subject to proration. The company is not required to complete the offers if the reference security's bid-side yield is below 4.75% on the price determination date. It may raise or waive the cap, or waive the yield condition, before expiry.

Why this mattersA note buyback capped at USD 225m is routine liability management for Avery Dennison and leaves its labels operations and strategy unchanged.

• Tender offer commenced 5 November 2026 under an Offer to Purchase dated the same day
• Aggregate principal amount purchasable across both note series capped at USD 225,000,000, the 'Waterfall Cap'
• Company may increase a prorated series' accepted amount by up to 2% of outstanding notes without extending the offer
• Yield Condition requires the Reference Security's bid-side yield to be at least 4.75% at the Price Determination Date
• Proration factor, if required, to be announced by press release by 10:00am New York time the business day after the Expiration Date

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