PEMBROKE, Bermuda, April 26 /PRNewswire-FirstCall/ -- Tyco
International Ltd. (NYSE: TYC; BSX: TYC) today announced that, in
connection with its planned separation into three independent, publicly
traded companies, it has entered into three bridge loan facilities and
three revolving credit facilities.
Bridge Loan Facilities
On April 25, 2007, Tyco, certain of its subsidiaries and a syndicate of
banks entered into three bridge loan facilities. The aggregate commitment
amount of the lenders under the bridge loan facilities is $10 billion.
Funds under the bridge loan facilities will be used, together with cash on
hand, to pay for debt tendered and consents obtained pursuant to the tender
offers that Tyco and certain of its subsidiaries intend to undertake in
order to purchase substantially all of their outstanding public debt.
Revolving Credit Facilities
On April 25, 2007, Tyco, certain of its subsidiaries and a syndicate of
banks entered into three revolving credit facilities. The aggregate
commitment amount of the lenders under the revolving credit facilities is
initially $2.5 billion, and will increase to $4.25 billion at the time of
the anticipated separation of Covidien and Tyco Electronics from Tyco. Of
the aggregate commitment amount of $4.25 billion, a $1.25 billion
commitment will be available to Tyco, and a $1.5 billion commitment will be
available to each of Covidien and Tyco Electronics. The revolving credit
facilities will replace Tyco's existing revolving credit facilities and be
used for working capital, capital expenditures and other corporate
purposes. Tyco initially will guarantee the new revolving credit facilities
and Covidien and Tyco Electronics will each assume the obligations of Tyco
with respect to one of the revolving credit facilities upon their
anticipated separation from Tyco.
About Tyco
Tyco International Ltd. is a global, diversified company that provides
vital products and services to customers in four business segments:
Electronics, Fire & Security, Healthcare, and Engineered Products &
Services. With 2006 revenue of $41 billion, Tyco employs approximately
240,000 people worldwide. More information on Tyco can be found at
http://www.tyco.com .
Forward-Looking Statements
This release may contain certain forward-looking statements. These
statements are based on management's current expectations and are subject
to risks, uncertainty and changes in circumstances, which may cause actual
results, performance or achievements to differ materially from anticipated
results, performance or achievements. All statements contained herein that
are not clearly historical in nature are forward-looking and the words
"anticipate," "believe," "expect," "estimate," "plan," and similar
expressions are generally intended to identify forward-looking statements.
The forward- looking statements in this release include statements
addressing the following subjects: future financial condition and operating
results. Economic, business, competitive and/or regulatory factors
affecting Tyco's businesses are examples of factors, among others, that
could cause actual results to differ materially from those described in the
forward-looking statements. Tyco is under no obligation to (and expressly
disclaims any such obligation to) update or alter its forward-looking
statements whether as a result of new information, future events or
otherwise. More detailed information about these and other factors is set
forth in Tyco's Annual Report on Form 10-K and 10-K/A for the fiscal year
ended Sept. 29, 2006 and in Tyco's Quarterly Report on Form 10-Q and 10-Q/A
for the fiscal quarter ended Dec. 29, 2006.
SOURCE Tyco International Ltd.
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Related links:
http://www.tyco.com
CONTACT:
News Media, Sheri Woodruff of Tyco,
+1-609-720-4399, swoodruff@tyco.com, or Investor Relations, Ed
Arditte +1-609-720-4621, or Karen Chin +1-609-720-4398, for Tyco
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