PEMBROKE, Bermuda, Aug. 25 /PRNewswire-FirstCall/ -- Tyco International
Ltd. (NYSE: TYC; BSX: TYC) today delivered a notice of redemption of its
$19,050,000 remaining principal amount of Series B 3.125 percent
Convertible Senior Debentures due 2023 (the "Series B Convertible
Debentures") and its $351,000 remaining principal amount of Liquid Yield
Option Notes(TM) due 2020 (Zero Coupon-Senior) (the "LYONs"). The
redemption date for both the Series B Convertible Debentures and the LYONs
is September 26, 2008.
As stated in the notice of redemption and in accordance with the
indenture under which the Series B Convertible Debentures were issued, the
redemption price of the Series B Convertible Debentures is $1,024.48 per
$1,000 principal amount, which represents 101.823% of the principal amount
plus interest accrued to the redemption date.
As stated in the notice of redemption for the LYONs and in accordance
with the indenture under which the LYONs were issued, the redemption price
of the LYONs is $834.07 per $1,000 principal amount at maturity, which
represents the accrued original issue discount calculated to the redemption
date.
As a result of the separation transactions undertaken by Tyco
International Ltd. in 2007, the Series B Convertible Debentures and the
LYONs became convertible into common shares of Tyco International Ltd.,
Covidien Ltd. and Tyco Electronics Ltd. The Series B Convertible Debentures
are convertible into 11.496 common shares of Tyco International Ltd.,
11.496 common shares of Covidien Ltd. and 11.496 common shares of Tyco
Electronics Ltd., per $1,000 principal amount of the Series B Convertible
Debentures, subject to certain conditions set forth in the indenture and in
the Series B Convertible Debentures and subject to adjustment under certain
circumstances. The closing prices, as reported on the New York Stock
Exchange on August 22, 2008, of the common shares of Tyco International
Ltd., Covidien Ltd. and Tyco Electronics, Ltd. were $43.36, $54.33 and
$32.90, respectively. The aggregate value of the shares receivable upon
conversion would thus have been $1,501.26, as of August 22, 2008.
The LYONs are convertible into 2.575 common shares of Tyco
International Ltd., 2.575 common shares of Covidien Ltd. and 2.575 common
shares of Tyco Electronics Ltd., per $1,000 principal amount at maturity of
the LYONs, subject to certain conditions set forth in the indenture and in
LYONs and subject to adjustment under certain circumstances. The aggregate
value of the shares receivable upon conversion would thus have been
$336.27, as of August 22, 2008, based on the above closing prices.
Any holder may convert its Series B Convertible Debentures or LYONs so
long as such holder complies with the conditions to conversion described in
the Series B Convertible Debentures or LYONs, as applicable. The last
conversion date for the LYONs is September 23, 2008, and the last
conversion date for the Series B Convertible Debentures is September 25,
2008. The foregoing pricing information and aggregate value of the shares
upon conversion are provided as examples only. Holders should verify
current pricing information of the common shares of Tyco International
Ltd., Covidien Ltd. and Tyco Electronics Ltd. before making any decision
regarding the conversion of their securities.
Tyco will redeem any unconverted Series B Convertible Debentures and
LYONs with available cash. The aggregate current principal amount
outstanding of the Series B Convertible Debentures plus interest accrued
through August 25, 2008 on such amount is approximately $19,463,427.33. The
aggregate current principal amount outstanding of the LYONs plus original
issue discount accrued through August 25, 2008 on such amount is
approximately $292,380.38.
This press release does not constitute a notice of redemption of the
Series B Convertible Debentures or the LYONs. The redemption is made solely
pursuant to the notices of redemption respecting each of the Series B
Convertible Debentures and LYONs dated August 25, 2008 and delivered by the
trustee under the indentures to the holders of such securities.
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 revenue of more than $18
billion and has 118,000 employees worldwide. More information on Tyco can
be found at http://www.tyco.com.
NOTE: "Liquid Yield Option" and "LYONs" are Trademarks of Merrill Lynch
& Co., Inc.
FORWARD-LOOKING STATEMENTS
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 June 27, 2008.
SOURCE Tyco International Ltd.
 back to top
Related links:
http://www.tyco.com
CONTACT:
News Media, Paul Fitzhenry, +1-609-720-4261;
or Investor Relations, Ed Arditte, +1-609-720-4621, or Antonella
Franzen, +1-609-720-4665, all of Tyco International Ltd.
|
