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CCL enters into new C$700 million syndicated credit facilities and acquires two businesses from Avery Dennison

Fasken
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Bank of Montréal

On July 1, 2013, CCL Industries Inc. (CCL) acquired Avery Dennison Corporation’s Office & Consumer Products (OCP) and Designed & Engineered Solutions (DES) businesses for US $500 million cash. OCP will trade as Avery, operating under a segment of CCL, while DES will be incorporated in to the CCL name. CCL financed the transaction using the cash provided by a new CDN $700 million syndicated credit agreement. Bank of Montreal acted as agent. Fasken Martineau was counsel to Bank of Montreal and the syndicate of lenders with a team led by David Johnson (banking and finance) and including Louise Kennedy and Dev Singh (banking and finance) and Christopher Steeves (tax).

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