PEMBROKE, Bermuda, June 2 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC, BSX: TYC) (the "Company") today announced the expiration,
as of 5:00 p.m. New York time, on June 2, 2008, of the previously announced
consent solicitation and exchange offer of each series of notes issued
under the Company's 1998 and 2003 indentures. The Company accepted all
consents and notes validly tendered and not validly withdrawn in the
consent solicitations and exchange offer.
As a result of having previously received the requisite consents, and
based on the waiver of any alleged defaults or events of default that may
have arisen prior to April 11, 2008, the Company has taken the necessary
steps to dismiss the proceeding entitled The Bank of New York v. Tyco
International Group S.A. pending in the United States District Court for
the Southern District of New York. On April 30, 2008, the court entered an
order dismissing that action with prejudice.
The Company expects to complete the consent solicitations and exchange
offers, and on June 3, 2008, to pay the applicable consent fees and to
issue new 7.0% notes due 2019 in exchange for old 7.0% notes due 2028 and
new 6.875% notes due 2021 in exchange for old 6.875% notes due 2029.
Consent Solicitation and Exchange Offer Results as of 5:00 p.m. New York
time, June 2, 2008:
Consents Received Notes Tendered for Exchange
7.0% notes due 2028 99% 96%
6.875% notes due 2029 98% 97%
6.0% notes due 2013 98% Not Applicable
6.375% notes due 2011 98% Not Applicable
6.75% notes due 2011 97% Not Applicable
6.125% notes due 2009 95% Not Applicable
6.125% notes due 2008 89% Not Applicable
This press release is neither an offer to sell or a solicitation of an
offer to buy any exchange notes nor shall there be any sale of such notes
in any state or jurisdiction in which such an offer, solicitation or sale
would be unlawful prior to the registration or qualification thereof under
the securities laws of any such state or jurisdiction. Any offer of the
exchange notes is made only by means of a private offering memorandum. The
exchange notes have not been registered under the Securities Act or the
securities laws of any other jurisdiction and may not be offered or sold in
the United States absent registration or an applicable exemption from
registration requirements.
ABOUT TYCO INTERNATIONAL
Tyco International (NYSE: TYC) is a diversified, global company that
provides vital products and services to customers in more than 60
countries. Tyco is a leading provider of security products and services,
fire protection and detection products and services, valves and controls,
and other industrial products. Tyco had 2007 revenues of more than $18
billion and has 118,000 employees worldwide. More information on Tyco can
be found at http://www.tyco.com.
FORWARD-LOOKING INFORMATION
This release may contain certain "forward-looking statements" within
the meaning of the United States Private Securities Litigation Reform Act
of 1995. 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. 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
for the fiscal year ended September 28, 2007 and Tyco's Quarterly Report on
Form 10-Q for the period ended March 28, 2008.
SOURCE Tyco International Ltd.
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Related links:
http://www.tyco.com
CONTACT:
Media, Paul Fitzhenry, +1-609-720-4261,
pfitzhenry@tyco.com, or Investor Relations, Ed Arditte,
+1-609-720-4621, or Karen Chin, +1-609-720-4398, all of Tyco
International Ltd.
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